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CEO's Message
The $1 billion milestone represents an expansion of our mission and our ability to invest, share our knowledge and resources, and create an impact in communities where it’s needed most.
Fiscal Year 2022 Annual Report
Mission In Focus
CPC continued to expand and elevate our impact in FY 22, lending and investing a landmark $1 billion in neighborhoods across the United States.
CPC’s mission-driven work across our construction and permanent lending, mortgage lending, and equity investing platforms and through initiatives and programs financed 144 transactions totaling 9,638 units in 12 states. Each project advanced CPC’s impact goals of expanding the affordable housing stock, investing in the green economy, and reducing the racial wealth gap.
More than 95% of the total units financed were affordable to households earning at or below 120% area median income (AMI), with more than 80% of the units being affordable to households earning at or below 80% AMI.
CPC’s $1 billion lending and investing represented an increase in revenue and growth across CPC’s business lines, which included $412 million in construction lending originations, $560 million in Agency mortgage originations, $33 million in permanent lending originations, $25 million in real estate equity investments, and $3.5 million in investments through the company’s mission-focused Impact Investing platform.
FY22 also saw CPC expand its impact through its knowledge sharing, educational initiatives, impactful new partnerships, and a new philanthropy program. Looking ahead, CPC remains committed to channeling our capital, unique expertise, and policy voice toward creating more affordable, sustainable, and equitable communities.
FY 22 Highlights
$1 Billion
144
9,600
95%
$100 Million+
1,540
President's Message
Every dollar of that $1 billion represents a commitment to getting out into communities, making new partnerships, and finding new ways that CPC can make a difference.
We’ve grown and diversified the company through our traditional lending and investing, as well as through initiatives like ACCESS, Sustainability, and Connections that focus on equity, knowledge sharing, philanthropy, and community engagement. My thanks to our team at CPC, to our investors, government partners, and industry peers who are all a part of our success.
Our Impact
CPC’s $1 billion in lending and investing resulted in unprecedented impact in the neighborhoods we serve.
Each one of the 144 transactions advanced CPC’s goals of expanding affordable housing, investing in the green economy, and reducing the racial wealth gap.
$412M
in construction lending
$560M
in Agency mortgage lending
$25M
in real estate equity investing
$33M
in permanent lending
$3.5M
in impact investing
Expanding Affordable Housing
CPC continues to believe that housing is central to transforming underserved neighborhoods into thriving communities. We are working to expand housing access and seek new ways to lower the cost of producing affordable housing.
To date, CPC has delivered financing for the creation or preservation of homes for more than one million people.
CPC financing supports construction and renovation of the sustainable, affordable, and workforce housing that neighborhoods need.
Troy, NY
New York, NY
Beacon, NY
Spring Valley, NY
Johnson City, NY
CPC’s national Agency lending business is bringing flexible capital to communities to expand and preserve affordable and workforce housing.
Michigan
Los Angeles, CA
CPC’s Equity Investing platform provides mission-driven investments into the preservation and creation of high quality housing at affordable and workforce rents.
New York, NY
Closing the Racial Wealth Gap
CPC is dedicated to doing our part in closing the racial wealth gap, and increasing diversity and equity in the development industry.
Through CPC ACCESS, CPC has invested more than $378 million with BIPOC developers.
CPC financing supports construction and renovation of the sustainable, affordable, and workforce housing that neighborhoods need.
Troy, NY
CPC’s national Agency lending business is bringing flexible capital to communities to expand and preserve affordable and workforce housing.
Michigan
Los Angeles, CA
CPC’s Equity Investing platform provides mission-driven investments into the preservation and creation of high quality housing at affordable and workforce rents.
New York, NY
Sustainability & the Green Economy
CPC is committed to expanding our investment in the green economy and lessening the impact of climate change through our lending and investing in multifamily housing, and our knowledge-sharing and advocacy work.
To date, CPC has financed more than 10,000 energy-efficient homes.
CPC financing supports construction and renovation of the sustainable, affordable, and workforce housing that neighborhoods need.
New York, NY
Beacon, NY
Johnson City, NY
CPC’s Equity Investing platform provides mission-driven investments into the preservation and creation of high quality housing at affordable and workforce rents.
New York, NY
Uniquely CPC
Our talented team, commitment to mission and the strong partnerships we have built in the communities we serve continue to define CPC and elevate our impact.
CPC Connections
CPC supported our nonprofit partners with $500,000 in philanthropic grants and came together for four corporate volunteer days connected to our mission and philanthropy work.
Policy Voice
With education and outreach, CPC fosters the implementation of policies and programs that advance the idea that housing is central to transforming underserved neighborhoods into vibrant and thriving communities.
Our People
At CPC our people are our greatest asset. CPC invested in our vibrant culture by creating new opportunities for our team to learn, grow, and connect with each other, our mission, and the communities we serve.
2022 Fiscal Year
$1 Billion of Impact in Communities across the United States
0
5,000
Housing Units
2022 Financials
CPC Consolidated Financial Highlights
Unaudited results for the 12 months ended June 30, 2022
Consolidated Financial Highlights
| Net Assets | $251,075,206 |
| Revenues | $17,736,413 |
Portfolios
| Servicing Portfolio | $3,731,000,000 |
| Construction Loan Portfolio | $1,369,924,880 |
| Equity Portfolio | $60,143,798 |
Totals
| TOTAL ASSETS UNDER MANAGEMENT | $5,161,068,678 |
Contact
New York Regional Offices
New York City
Robert Riggs
220 East 42nd Street, 16th Floor
New York, New York 10017
Capital Region
Milly Deane
54 State Street, Suite 201
Albany, NY 12207
Central New York
Nicholas V. Petragnani, Jr.
315 North Clinton St
Syracuse, NY 13202
Hudson Valley
Doug Olcott
480 Bedford Road, Suite 4201
Chappaqua, NY 10514
Western New York
Andrew D’Agostino
500 Seneca Street, Suite 140
Buffalo, NY 14204
CPC Mortgage Company
John Cannon
220 East 42nd Street, 16th Floor
New York, New York 10017
Equity Investing
Tell Metzger
220 East 42nd Street, 16th Floor
New York, New York 10017
CPC ACCESS
Lawrence Hammond
220 East 42nd Street, 16th Floor
New York, New York 10017
Impact Investing and Initiatives
Atalia Howe
220 East 42nd Street, 16th Floor
New York, New York 10017
Sustainability and Climate Friendly Homes Fund
Danielle Donnelly
220 East 42nd Street, 16th Floor
New York, New York 10017
Looking ahead,
Thank you to our customers, partners, and talented team for a tremendous FY 22. In the year ahead, we look forward to meeting new challenges and embracing opportunities to make a positive impact in the communities we serve together.
Photo and Video Credits
Craig Feldman, Dunn Development, Fish and Crown, Jim Holton Media, Paulus Development, Nile Smith, SoLa Impact
