Multifamily housing is one of the building blocks of stable, economically diverse neighborhoods—a catalyst for jobs, transit, retail, schools, and community-building services that families need to live safely, find employment, and create educational opportunities for their children. That is why CPC is committed to working with local partners to create communities of possibility and promise.
During CPC’s 2017 Fiscal Year, we increased our lending capacity in order to expand our impact in communities. In collaboration with our financial partners, we grew our construction lending facility, bringing our capacity to $500 million, and renegotiated our agreement with CRF, nearly quadrupling our 2014 lending agreement, to provide $710 million in permanent lending capacity. We were also able to partner with other lending institutions to leverage an additional $250 million that we put to work in neighborhoods across the state.
Our increased lending capacity and new Agency lending partnerships with Agency lenders such as Freddie Mac and FHA enabled us to reach 24 counties and 41 cities, providing $502.8 million of flexible financing that helped building owners create or preserve 3,871 units of housing—75% of which is affordable to low-income families. We enhanced our ability to serve new areas of Western New York through the growth of our Buffalo, New York, office and expanded our reach into New Jersey and Pennsylvania, where we now are offering our suite of Freddie Mac and FHA lending products.
Since Inception (1974)