Statement of CPC President & CEO Rafael E. Cestero on Governor Cuomo’s Announcement of Program to Replace 421-a

“Today the Governor promised to send a bill to the State Legislature that will lay out the details of a program to replace 421-a. This proposal, which is backed by both REBNY and the Building and Construction Trades Council, will break through the inertia that has stymied rental production and will help create thousands of units of affordable housing every year.

It is important to remember that for its criticisms, 421-a was critical to the creation of low- and moderate-income rental housing in working-class communities throughout New York City’s boroughs, and was key in helping to create opportunities for mixed-income housing in more expensive markets.

Hardworking New York families are struggling against the tide of rent burden and need affordable housing right now. Putting the Governor’s plan into action will send a message to the market that we are ready to build. It will also send a message to New York’s residents that we are ready to move past the political handwringing and get to work to do what’s right for those most in need.”

-    Rafael E. Cestero, President & CEO, The Community Preservation Corporation

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About the Community Preservation Corporation (CPC)

Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.7 billion in private and public investment to finance more than 170,660 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter  and LinkedIn.