THE CPC WAY / Community Development

Small Multifamily Buildings: A Stabilizing Force for Communities

By Rafael E. Cestero, President & CEO
Small buildings are the foundation of the multifamily housing stock across New York State, and serve as a haven of naturally occurring affordability for low- and moderate-income renters. Investing in the quality and stability of the small building stock is critical to serving the needs of current and future tenants, and to promoting economic prosperity in neighborhoods large and small across the State.

 

As a mission-driven lender, CPC has long been focused on meeting the unique capital needs of our small buildings, as well as providing technical assistance to owners and operators. More than 70 percent of CPC’s investments since inception have been in small building projects — buildings with 5 to 49 units. That’s more than 3,000 loans to all types of borrowers.

 

These include first-time owners who have been able to acquire or unexpectedly inherited a rental property; experienced general contractors working on their first project as a developer; and local business owners who want to own their storefronts and convert additional space into rental housing. In collaboration with small building owners, CPC has created and preserved quality housing for tens of thousands of New Yorkers, while also helping to stabilize and drive new investment to communities.

 

Take a minute to check out our new video that highlights how our work with small buildings, and their owners, has made an impact in communities.
By Rafael E. Cestero, President & CEO
Rafael E. Cestero is the President and Chief Executive Officer of the Community Preservation Corporation (CPC), and a member of its board of directors.

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