During a record-breaking Fiscal Year 2021 (FY 21), CPC deployed roughly $937 million in capital to support impactful housing and community development projects across our construction, permanent, and Agency lending and investing platforms. Each loan and investment tells a story of the housing that is built, the small BIPOC developer who is able to grow their business or the tenants who have safe, affordable housing. They reflect CPC’s deep commitment to our mission and our transformative impact within communities and on people’s lives.

This was a year when states and municipalities continued to grapple with the fallout of the pandemic, and the impact of severe weather events on housing and other infrastructure. Underserved communities, particularly those of color, often suffer far deeper impacts during times of crisis.

In response to these issues, CPC refocused our unique expertise in housing finance and public policy to help expand access to affordable housing and drive down the costs of housing production, advance diversity and equity within the development industry and mitigate the effects of climate change in our communities by financing sustainable housing.

Our work included launching the $20 million ACCESS initiative to invest in BIPOC real estate entrepreneurs to help them build their businesses and expand quality housing in Black and brown communities. We partnered with New York State to administer COVID relief funding to small rental building owners, and together launched a new program to transform blighted properties into home ownership opportunities for low-income New Yorkers. And our sustainability practice continued moving the multifamily industry towards sustainable construction and decarbonization of the built environment, financing hundreds of high-efficiency units and convening a multi-day virtual Carbon Neutral Summit.

As part of a collaborative effort, we closed on the financing to begin a comprehensive rehabilitation and revitalization of 38 buildings and more than 1,710 apartments across 16 public housing properties in New York City. This project will preserve a critical piece of deeply affordable housing stock, and bring long-term stability to the nearly 3,000 people who live there.

CPC’s mission is the through line that propels each of the company’s business lines and initiatives, directing our unique expertise and determining how we deliver our capital to the people and places where they are needed most. Our belief that housing is the foundation of thriving, equitable communities will continue to move us forward and guide our work.