Multi-Housing News
New York–The Community Preservation Corporation, Inc. (CPC), a not-for-profit affordable housing and neighborhood revitalization lender, announced additions to its leadership and originations teams. Senior Vice President Tom McGrath will become director of upstate revitalization, and Elizabeth Propp has joined as senior vice president for investments and acquisitions, Lawrence Hammond as vice president and mortgage officer, and Christopher Schilling as mortgage officer.
McGrath will lead efforts to increase CPC’s presence in and commitment to upstate New York. His expertise will be utilized to mentor field office heads to develop upstate growth strategy and find unique ways CPC can enhance its impact in the communities it serves. McGrath started his career in CPC as the first regional director for the Hudson Valley office and was instrumental in CPC’s expansions to eastern, central, and western New York. Most recently, he oversaw all aspects of CPC Resources, CPC’s for-profit subsidiary that provides equity and develops affordable housing in underserved communities throughout New York State.
Before joining CPC, Propp worked as a research affiliate & financial consultant for the NYU Furman Center for Real Estate and Urban Policy. Prior to that, she was with JPMorgan Investment Management for 16 years, most recently as managing director and northeast acquisitions team leader. Propp earned a bachelor’s degree from Harvard University and a master’s degree from Yale School of Management.
In his new role, Hammond will help grow the New York City office’s construction and permanent loan portfolio and ensure it reflects CPC’s core mission to stabilize and revitalize communities. With over 30 years of experience in financing community development and commercial real estate projects, he comes from the Popular Community Bank where he was the vice president and relationship manager for nine years. After receiving a bachelor’s degree from the Long Island University, Hammond worked at JPMorgan Chase Community Development Group for almost 30 years, most recently serving as the vice president of its community partnership Office.
Based in the New York City office, Schilling will lead mortgage officers from all field offices to grow CPC’s Freddie Mac Small Balance Loan (SBL) portfolio. Prior to joining CPC, he worked at the Love Funding for eight years, starting as an investment analyst and advancing to the director of the New York office. He also worked at Citi in its Citi Cards and Citibank North America division for six years, becoming an expert in risk management. Schilling received a bachelor’s degree from Kenyon College and master’s degree from Miami University.