Managing Director of Acquisitions for Red Stone Equity Partners & Former Commissioner of the NYC Department of Housing Preservation and Development Becomes Newest CPC Board Member
New York, NY, June 1, 2016 – The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization finance company, announced today that Richard Roberts, the Managing Director of Acquisitions for Red Stone Equity Partners, LLC and a former Commissioner of the New York City Department of Housing Preservation and Development, has joined the CPC board of directors.
“Richard Roberts has long been a champion of affordable housing and community development, and his work in the public and private sectors has helped to improve the lives of countless New Yorkers,” said Rafael E. Cestero, the President and CEO of CPC. “Throughout the course of his career he has used his expertise to help shape the policies and practices integral to the affordable housing industry. I am excited that Richard has agreed to join our board of directors, and share in our mission to address the housing and revitalization challenges facing communities in New York and beyond.”
“I have long been an admirer of CPC and the essential role that it has played in revitalizing communities across New York State,” said Richard Roberts, Managing Director of Acquisitions for Red Stone Equity Partners, LLC. “In the aftermath of the New York City’s financial crisis and the devastation that resulted in real estate markets in our City, CPC stepped up to provide much needed capital and it has never stopped. Over the past couple of years, CPC has renewed its commitment, sharpened its vision and reinvented itself as a leaner and more innovative provider of capital to local communities. I am proud to be associated with CPC and hope to play a small role in supporting CEO Rafael Cestero and the entire CPC team as we move into the future.”
During his nearly two decades working in affordable housing and urban market investments, Roberts has worked in the government, for profit, and nonprofit sectors. As Commissioner of the New York City Department of Housing Preservation and Development, which is one of the largest allocators of Low Income Housing Tax Credits in the country, he was responsible for investing over one billion dollars in New York neighborhoods, creating over 30,000 units of affordable housing. Previously, as the founding Managing Director of the Goldman Sachs Urban Investment Group, he devised and led a creative strategy that led to the establishment of the firm’s community development investment platform. In his current role as the Managing Director of Acquisitions at Red Stone Equity Partners, LLC, he assists in the origination and management of developer relationships in the Northeast, as well as the development of new business strategies for the firm.
Roberts works with a number of civic, philanthropic, and industry organizations in addition to CPC. He serves on the boards of Citizen’s Housing and Planning Council (Chair), the New York State Association for Affordable Housing (Executive Committee), and Habitat for Humanity – New York City. He holds both a B.A. and J.D. from Yale University.
About the Community Preservation Corporation (CPC)
Established in 1974, the Community Preservation Corporation (CPC) is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. We provide innovative capital solutions, fresh thinking and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face. To date, CPC has leveraged approximately $9.1 billion in private and public investment to finance more than 164,600 units of affordable housing. Our work with our partners has helped revitalize countless neighborhoods throughout New York, and provided quality housing for families, senior citizens, and individuals with disabilities. Follow us at communityp.com, and on Facebook, Twitter and LinkedIn.