Rafael E. Cestero has served as the President and Chief Executive Officer of CPC and its for-profit development subsidiary, CPC Resources, Inc. (CPCR) since 2012.
Over the past several years, Mr. Cestero has guided CPC through its transition as a company in the midst of restructure to a fully capitalized, financially strong, mission driven organization. Today CPC is a leading nonprofit affordable housing and community revitalization finance company providing flexible capital solutions throughout New York State and the region.
Beginning in January 2012, Mr. Cestero has worked with CPC’s Board of Directors and Executive Management to implement a strategy that has effectively resolved CPC’s troubled asset portfolio, and returned its focus to the core mission improving housing quality and making a positive impact on the physical, social and economic infrastructure of communities. This work has included installing a first-class management team, the conversion of CPCR to a REIT, rebuilding the company’s net worth to over $180 million, and successfully raising more than $750 million in new capital to deploy in neighborhood revitalization projects.
Prior to joining CPC, Mr. Cestero served as Commissioner of the New York City Department of Housing Preservation and Development (HPD), the largest municipal affordable housing development and maintenance code enforcement agency in the nation. During his tenure, Mr. Cestero helped implement and oversee Mayor Michael R. Bloomberg’s New Housing Marketplace Plan, a multi-billion dollar initiative to finance the creation and preservation of 165,000 units of affordable housing. He was also responsible for spearheading the creation of HPD’s Proactive Preservation Initiative, a $750 million program to identify and stabilize distressed multifamily properties across New York City. Before taking the helm at HPD, Mr. Cestero was the agency’s Deputy Commissioner of Development.
Mr. Cestero also successfully held various leadership positions, including Managing Director at L+M Developments Partners, and Director of New York Programs at Enterprise Community Partners.
A native of Rochester, New York, Mr. Cestero received his undergraduate degree in Public Policy Analysis from Cornell University, and earned a Master’s Degree in Urban Planning from the University of Illinois at Urbana-Champaign.