Uncommon expertise, unmatched impact.

Our Mission

At CPC, we believe that housing is central to transforming underserved neighborhoods into thriving and vibrant communities. That’s why we provide innovative capital solutions, fresh thinking, and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face.

Our Approach

As a leading nonprofit mortgage lender, we utilize our deep, strategic relationships with government agencies, local community groups, banks, and other lenders to create customized loan opportunities for our customers. As a trusted partner in your success, we work hand-in-hand with you to help maximize the potential of your multifamily project and its impact on the community.

Our Story

The Community Preservation Corporation (CPC) was launched in 1974 through a joint agreement between the City of New York and its leading commercial banks to restore and rebuild New York’s aging neighborhoods. In the more than 40 years since, we have evolved and expanded our reach to become a consistent source of capital to underserved housing markets throughout New York City and in communities across the state.

CPC has financed more than 164,600 affordable housing units to date. With $9.1 billion in public and private investments, our work has helped revitalize countless neighborhoods and provided quality housing for low-income families, senior citizens, and individuals with disabilities.

Our Values

At CPC, our values define who we are as an organization and guide the way we work with our partners, within our communities, and with each other.

  • We have a deep commitment to our mission. We work hard to create the best outcomes for our customers and communities, and we have fun doing it.
  • We respect, trust and empathize with others. We are supportive and responsive, and value different perspectives. While we are diverse in backgrounds and skills, we are united by our values and our passion for bringing capital to underserved communities.
  • We strive for excellence in everything we do, and aim to add measurable value to neighborhoods, customers and the industry. We go the extra mile to find the right solution and deliver on our commitments.
  • We believe in accountability and operate with the highest standards of integrity and transparency. We communicate openly and honestly with our partners and each other.
  • We embrace collaboration. The connections we foster with our colleagues, customers, government partners, and other like-minded organizations are crucial to improving housing quality and making a positive impact on the physical, social, and economic infrastructure of communities.

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Partnerships

As a leading nonprofit mortgage lender, the deep, strategic partnerships we’ve developed over the years have been critical to our thoughtful approach to preserving and nurturing affordable housing. Through competency, creativity and collaboration, we have developed an exceptional track record of helping to transform neighborhoods marked by failing or vacant buildings into thriving communities to live, work, and raise families. We couldn’t accomplish this without the dozens of public and private sector partners who share our commitment to protecting the quality and stability of housing across New York.

  • Citi
  • Wells Fargo
  • Bank of America
  • Deutsche Bank
  • Morgan Stanley
  • M&T Bank
  • NYCERS
  • Orange County Trust
  • RBS Citizens
  • NYC Housing Development Corporation
  • Flushing Bank
  • Sterling National Bank
  • Valley National Bank
  • First Niagara
  • Canandaigua
  • Chemung Canal Trust Company
New York City Department of Housing Preservation and Development (HPD)

Established in 1978, the New York City Department of Housing Preservation and Development (HPD) is the largest municipal housing preservation and development agency in the nation. The agency’s mission is to make strategic investments that will improve and strengthen neighborhoods while preserving the stability and affordability of the City’s existing housing stock. CPC’s partnership with HPD spans decades and has resulted in the financing of tens of thousands of affordable apartments and homes across the five boroughs. Additionally, CPC has worked with HPD to administer some of its housing programs and initiatives. Together, CPC and HPD have helped to revitalize and strengthen New York City’s underserved neighborhoods.

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Freddie Mac

Freddie Mac was chartered by Congress in 1970 with a public mission to stabilize the nation’s residential mortgage markets and expand opportunities for homeownership and affordable rental housing. Freddie Mac Multifamily provides a full range of competitively priced, reliable loan products for the acquisition, refinance, or moderate rehabilitation of multifamily communities. Whether providing conventional financing through the Program Plus program or financing to address the needs of small buildings through the Small Balance Loan program, the partnership between CPC and Freddie Mac offers borrowers reliable loan products tailored to multifamily developments of all sizes.

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New York City Retirement Systems (NYCRS)

The New York City Retirement Systems (NYCRS) is the largest municipal public employee retirement system in the United States with over 300,000 active members and retirees including civilian and uniformed employees. For decades, CPC has originated loans for NYCRS, resulting in more than $700 million in permanent financing for over 27,000 units in their fixed-rate mortgage program.

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New York State Common Retirement Fund (CRF)

The New York State Comptroller is the sole trustee of the multibillion dollar New York State Common Retirement Fund (CRF), one of the largest institutional investors in the world. For decades, CPC has partnered with the Comptroller and the New York State CRF to invest in affordable housing and community revitalization projects, with millions of dollars in funding from the CRF helping to finance roughly 18,000 new and preserved units across New York State.

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New York State Homes and Community Renewal (HCR)

New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including The Affordable Housing Corporation, The Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR organizes programs into four groups – Finance and Development, Housing Preservation, Community Renewal, and Professional Services. CPC’s long-term partnership with HCR and the agencies it oversees has leveraged millions of dollars to help create and preserve tens of thousands of units of affordable housing that have been critical to the revitalization of underserved communities throughout the state.

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Positive Social Purpose (PSP) Lending Program

The Positive Social Purpose (PSP) Lending Program is administered by Westpath, the investment division of the General Board of Pension and Health Benefits of The United Methodist Church. CPC began working with the PSP Lending Program in 1998, and since that time our partnership has leveraged millions of dollars to help finance the creation and preservation of thousands of affordable units throughout New York State. The PSP Lending Program demonstrates that investors can do well by using their money to improve the lives of others, one loan at a time. By targeting underserved markets, together we are able to provide market returns commensurate with risk, while providing high-impact social benefit that can literally be life-changing.

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State of New York Mortgage Agency (SONYMA)

The State of New York Mortgage Agency (SONYMA) is a division of New York State Homes and Community Renewal (HCR), the government agency that oversees of all of New York State’s major housing and community renewal agencies. SONYMA insurance is a unique tool that allows private capital to efficiently finance affordable housing. CPC’s longstanding partnership with SONYMA has sustained a secondary market for its 30-year mortgages. Key to our partnership’s success is the flexibility of the SONYMA insurance product, which has allowed us to work together to meet the housing and revitalization needs in communities across New York City and State.

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President’s Message

For more than four decades CPC has been providing innovative and flexible lending solutions to help meet the demand for stable, quality housing in cities and neighborhoods across New York State.

In Fiscal Year 2015, the CPC team closed 60 loans totaling more than $370 million, including $141 million in construction loans, to create and preserve approximately 4,300 units of quality, stable housing. We are proud of the diversity of our loans, and that our renewed focus on investing in the places and projects where we can be the most effective in revitalizing underserved neighborhoods is paying dividends.

As a company we were focused on pursuing new opportunities to expand our toolbox, increasing our impact across the state, and collaborating across our partner base to accomplish our mission.

This year CPC was chosen by our federal and state government partners to administer key programs on a statewide level. Freddie Mac selected us to participate as an originator in their Small Balance Loan (SBL) program to meet the unique financing needs of small multifamily properties by providing long-term capital to this underserved segment of the market. CPC was also designated by the state to oversee $20 million in funding through the Small Project Affordable Rental Construction Program (SPARC) to restore and create housing in communities impacted by Superstorm Sandy, Hurricane Irene, or Tropical Storm Lee.

Addressing the physical and financial health as well as long-term sustainability of multifamily housing is critical to our mission of strengthening communities and preserving the housing stock. Together with Bank of America and the Robin Hood Foundation, we are piloting a program to bring a stable source of capital to the New York City market for the acquisition and rehabilitation of small distressed properties in targeted neighborhoods. We are also working to solve the challenges of financing sustainability measures in new construction and rehabilitation projects through CPC Sustainability, an initiative focused on integrating energy efficiency and water conservation savings into the first mortgage underwriting process.

The scope of our achievements in FY15 has shown that CPC can still leverage our expertise to bring in business and transact at a high level. More than that, we have affirmed that at CPC we are trusted partners and we are problem solvers.

Our success is tied to our talent for working hand in hand with government, community stakeholders and our borrowers to understand their unique needs and to deliver solutions that address some of the most challenging housing and community revitalization issues facing the areas we serve.

Over the past few years we have transformed from a company in the midst of a turnaround to a fully capitalized, financially strong, mission-driven organization. With a renewed focus and a great team in place, we are confident that CPC is well positioned to continue our positive impact in communities across New York and the region into next fiscal year and beyond.

 

Executive Team

At CPC, the expertise of our team makes the difference, time and time again.


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Rafael E. Cestero

President & CEO

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Sadie McKeown

Executive Vice President, Chief Operating Officer

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Daniel Brandt

Chief Financial Officer, Executive Vice President, Risk Management

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Richard A. Kumro

Executive Vice President, General Counsel & Secretary

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Carolyn Au

Senior Vice President, Director of Portfolio Services

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Wanda Chin

Senior Vice President, Chief Credit Officer

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Richard Conley

Senior Vice President, Originations Director

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Jeff Ely

Senior Vice President, Administration

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Thomas McGrath

Senior Vice President, Director of Upstate Revitalization

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Doug Olcott

Senior Vice President, Regional Director, Hudson Valley

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Nicholas V. Petragnani, Jr.

Senior Vice President, Regional Director, Central & Western New York

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Elizabeth Propp

Senior Vice President, Investments & Acquisitions

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Robert Riggs

Senior Vice President, Regional Director, New York City & Long Island Region

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David Rothberg

Senior Vice President, Finance

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Michael Skrebutenas

Senior Vice President, Regional Director, The Capital Region

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Patrick Lockhart

Vice President, Controller

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Arthur Phidd

Vice President, Information Technology

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Jaime Sharrock

Vice President, Strategic Initiatives & External Affairs


Board of Directors



Michael Hegarty*

CPC Chairman
Senior Advisor CCMP Capital Advisors, LLC

Bruce A. Beal, Jr.*

President
Related Companies

Robert J. Duffy

President and Chief Executive Officer
The Rochester Business Alliance

Todd A. Gomez

Senior Vice President
Bank of America

Ingrid Gould Ellen

Faculty Director
NYU Furman Center for Real Estate and Urban Policy

Carol M. Joseph

Real Estate/Legal Consultant

Felice Michetti

Chairperson and CEO
Grenadier Realty Corp.

D. Kenneth Patton*

Dean of Real Estate (ret.)
New York University
Real Estate Institute

Ronald F. Poe*

President
Ronald F. Poe & Associates

Gregory R. Reimers

REB, Market Manager
JP Morgan Chase Bank

Arthur H. Seter, CFA

Senior Vice President & Deputy Chief Investments Officer
New York Life Insurance Company

John Somers

Executive Vice President (ret.)
TIAA-CREF

Anders M. Tomson

President
Capital Bank

Michael J. Wechsler*

Managing Director (ret.)
Centerline Financial
Centerline Capital Group

Alan Wiener*

Managing Director
Wells Fargo Multi-family Capital

*CPC Resources Board Members

Make a career out of making a difference.

Make a career out of making a difference.

Careers at CPC


Under moderate supervision, the Mortgage Analyst will work closely with the Freddie Mac and FHA Origination team on preliminary evaluation of loan applications to determine loan eligibility. Assist in evaluation of proposed loans for credit risk, negotiate and obtain deal approvals. Initial focus will primarily be on Freddie Mac Small Balance Loan product (SBL).

Apply

The Investment Analyst will provide analytical support and assist with a wide range of real estate investment activities including market research, deal approvals, due diligence and closings for the organization’s real estate acquisition and equity investing platform. Investment target is existing and to-be-developed affordable and mixed-income multi-family properties throughout NYC and in select NYS markets.

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Provide administrative support for construction loan closing and servicing for the Hurricane Sandy Build It Back Program and The Rebuild Multifamily program. Responsibilities will include organizing and coordinating the activities of the Sandy Build It Back Program with single family owners (1-4 units), HPD, community based organizations, third party contractors and/or consultants, and Sub-recipients of HUD funds related to the program as well as coordinating multifamily closings with HPD and internal team members.

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Under moderate supervision works with Mortgage Officers, Analysts and/or Freddie Mac and Originations team on preliminary setup and evaluation of loan applications to determine loan eligibility and assists in processing of loan applications with borrowers, underwriting of loan packages and submission of final packages to Agencies. Initial focus will primarily be on Freddie Mac Small Balance Loan product (SBL).

Apply

Responsible for assisting the Controller in the operations of servicing functions as they relate to finance and accounting. Maintain oversight of compliance with Investor Servicing Agreements, Loan Documents, Industry Standards, CPC Policies and Procedures, Investor Remittances, Mortgage Payments and Mortgage Billing.

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CPC has offices throughout NY State, and opportunities may become available for Mortgage Officers, Assistant Mortgage Officers, as well as support & clerical staff. If you have any questions, please contact Brenda Barnaby, Human Resources at 646-822-9327.

The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.