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Fiscal Year 2023 Annual Report
2023
ANNUAL
REPORT
REPORT
Mission in Focus
Fiscal Year 2023 was a testament to the strength of CPC’s mission and our ability to make a positive social impact through our lending and investing and our community engagement work. Propelled by a strong foundation, committed team, and meaningful partnerships, CPC seized new opportunities, executed on challenging transactions, and found new ways to lead with our values in the face of the industry’s economic headwinds.
Across our lending and investing businesses, we deployed $540 million and financed 3,800 units of housing, with 99% of these projects advancing one or more of CPC’s three impact goals: expanding affordable housing, closing the racial wealth gap, and reducing the impacts of climate change through investments in the green economy.
With a sharp focus on these goals, CPC deployed our capital, time, and our expertise to the people and places where it was needed most.
Some highlights from the year include:
CPC was chosen to administer, and successfully launched, New York State’s $250 million Climate Friendly Homes Fund. Alongside NYS Homes and Community Renewal and local partners, we aim to electrify 10,000 units of housing in disadvantaged communities.
CPC and partners broke ground on the first three projects through the Legacy Cities Access program with New York State. Legacy Cities supports M/WBE developers and creates affordable homeownership opportunities, with a focus on first-time homebuyers and BIPOC households.
CPC joined our partners to acquire and preserve a 106-unit Section 8 housing complex in Manchester, CT. Our equity investment and the recapitalization of this 15-building property allows for long-term affordability and improvements that will make a meaningful difference in housing conditions and residents’ lives.
We welcomed two new partners, Cinnaire and National Equity Fund, to expand the reach and impact of CPC Mortgage Company.
Thank you to our customers and partners for the continued collaboration and sharing our commitment to making a positive impact in communities.
"We see our impact in the buildings that are revitalized, the blocks made whole, the communities that are thriving after years of neglect and in people who are affordably and safely housed or able to start a small business that supports their family and builds wealth."
FY 23 Highlights
$540M
in Lending and Investing
79
Transactions
3,800
Units
99%
Investments Aligned with Impact Goals
President's Message
“This fiscal year CPC continued to grow its impact, deliver volume, and build and foster new partnerships despite challenging market conditions. We worked with our partners in the public and private sectors to finance and invest in projects across the country that allowed communities to meet their unique housing challenges, and we focused on supporting the programs aligned with our mission of creating more affordable, sustainable, and equitable communities.
This included launching the Climate Friendly Homes Fund to electrify 10,000 units of multifamily housing in disadvantaged communities; our new partnership in Climate United, a coalition competing to manage an award from the EPA’s $14 billion National Clean Investment Fund to stimulate the clean energy transition economy-wide; and breaking ground on the first project under the Legacy Cities ACCESS program which offers first-time buyers of color an opportunity to build generational wealth and long-term stability through affordable homeownership. I look forward to seeing CPC continue to expand our impact with new partners and customers, and to new communities where our capital and expertise is most in need.”
OUR IMPACT
Click a tab to browse our projects.
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. Since our founding in 1974, CPC has delivered financing for the creation or preservation of 225,000 homes for more than one million people.
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. Since the creation of CPC ACCESS in August 2020, our commitment across the company has resulted in investments with BIPOC developers totaling more than $450 million to help finance development projects and grow and scale their businesses.
Sustainability and 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 11,970 energy-efficient units of affordable and workforce housing.
Buffalo, NY >
Bellport, NY >
Amsterdam, NY >
The Bronx, NY >
Rochester, NY >
San Antonio, TX >
Grand Rapids, MI >
Marco Island, FL >
Manchester, CT >
National >
CPC Mortgage Company
"This was a transformative year for CPC Mortgage Company. In the first quarter of FY23 we welcomed fellow impact-driven lenders and investors National Equity Fund (NEF) and Cinnaire as equity partners in CPC Mortgage Company. We forged this first-of-its-kind partnership to leverage the unique expertise and broad reach of all three nonprofit members to bring flexible Agency mortgage capital to customers and communities across the country.
Uniquely CPC
2023 Fiscal Year
0
2700
Housing Units
2023 FINANCIALS
CPC Consolidated Financial Highlights
Unaudited results for the 12 months ended June 30, 2023
Consolidated Financial Highlights
| Net Assets | $263,499,117 |
| Revenues | $66,557,158 |
Portfolios
| Servicing Portfolio | $3,750,000,000 |
| Construction Loan Portfolio | $1,525,000,000 |
| Equity Portfolio | $101,000,000 |
Totals
| TOTAL ASSETS UNDER MANAGEMENT |
$5,376,000,000 |
CONTACT COTAT
New York Regional Offices
New York City
Robert Riggs
220 East 42nd Street, 16th Fl
New York, NY 10017
Capital Region
Jaime Tuozzolo
54 State Street, Suite 201
Albany, NY 12207
Central New York
Andrew D’Agostino
315 North Clinton Street
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
Nicholas V. Petragnani, Jr.
Director of Upstate Revitalization
315 North Clinton St
Syracuse, NY 13202
CPC Mortgage Company
Equity Investing
CPC ACCESS
Impact Investing and Initiatives
Sustainability and Climate Friendly Homes Fund
Looking Ahead
Thank you to the amazing CPC team for your dedication and commitment, and thank you to our borrowers, peers, and friends for your trust and partnership in FY 23. We look forward to working together to make communities across the country more affordable, sustainable, and equitable for everyone.
