Fiscal Year 2020 (FY 20) was a year of accomplishments, contrasts and challenges that saw CPC put its best foot forward when crises hit.

CPC was rated AA- with a stable outlook by S&P Global Ratings, elevating the company to a select category of rated Community Development Financial Institutions (CDFI). The achievement paved the way for CPC to execute the largest single bond raise by a CDFI, a $150 million public offering of sustainability bonds that bolstered liquidity and stability in support of the company’s mission. CPC also furthered its commitment to delivering capital to communities for affordable housing and revitalization of historic downtowns and collaborated with New York City Housing Authority (NYCHA) residents to work toward the comprehensive rehabilitation of a 16-property portfolio of distressed buildings.

The company continued to expand its mortgage lending platform and further diversified its product base. Also in FY 20, CPC announced a goal to become a carbon neutral company.

Then in March 2020, the COVID-19 pandemic struck the nation, causing the deaths of more than 100,000 people before the fiscal year’s end, along with a historic economic collapse that threatened the stability of millions. The Black community, which suffered disproportionately from the impacts of COVID-19, was hit again when George Floyd was murdered, sparking an ongoing social justice movement with protests across the country calling out the injustices Black people experience every day simply because of the color of their skin.

The hard work in the first half of the year gave CPC the financial strength and stability to bring its mission-focused efforts to communities in a time of unprecedented crisis. In May, during the height of the pandemic, Governor Cuomo announced that CPC would administer the State’s relief program for small building owners suffering economic loss due to COVID-19. As the year came to a close, CPC planned to launch Acquiring Capital & Capacity for Economic Stability & Sustainability (ACCESS), a $20 million initiative to invest in Black and other minority entrepreneurs who have disproportionately experienced barriers to entry within the development industry.