Who We Are > CPC History

Nurturing Developers

Nurturing the development of rehab and development specialists in affordable housing has been an important CPC mission.

One key to CPC's early success was the creation of "one-stop" shops that provided financing, public subsidies and expertise in construction. A single source was necessary to help local, often inexperienced owners to upgrade their properties.

CPC also helped develop owners' rehab expertise and experience. In CPC's earliest years, nobody had experience in managing extensive moderate rehabilitations in occupied apartment buildings. Nevertheless, with CPC financing, buildings that needed this work got it done.

Contractors and owners new expertise led to further building rehabilitation. As they improved their rehabilitation know-how, owners then actively sought out dilapidated buildings which they could acquire at low cost. Over time, a virtual army of small owners not only upgraded their properties, but also bought nearby properties to renovate, each time acquiring greater efficiency.

CPC seeks to maintain a flexibility that makes financing accessible to these rehab and development specialists, and offers technical assistance to encourage repeat projects. For example, CPC's Small Building Loan program facilitates the financing and development of small properties by providing less paperwork, lower fees and faster processing.