At CPC, we believe that housing is central to transforming underserved neighborhoods into thriving and vibrant communities. That’s what we’re about: providing innovative capital solutions, fresh thinking, and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face.
As a leading nonprofit affordable housing and community revitalization finance company, we utilize our deep, strategic relationships with government agencies, local community groups, banks, and other lenders to create customized loan opportunities for our customers. As a trusted partner in your success, we work hand-in-hand with you to help maximize the potential of your multifamily project and its impact on the community.
CPC was formed in 1974 as a direct response to the issues of property abandonment and blight that New York City was facing at the time. Each year, between 20,000 and 30,000 rental units were being lost in to abandonment, fire, or demolition, and the City was taking ownership of hundreds of buildings through foreclosure and forfeiture.
In response to a 1972-73 study conducted by the New York City Clearing House, an association of commercial banks, and the banking community, led by David Rockefeller, stepped up with a proposal to address the problem. Perhaps, focusing a small amount of pooled capital on a few neighborhoods-namely Crown Heights in Brooklyn and Washington Heights in Manhattan—would improve building quality and people’s living conditions, and help prevent the blight in surrounding neighborhoods from destabilizing them. CPC was founded in 1974 to be a self-sustaining vehicle, a departure from many nonprofits, which rely on regular injections of charitable support.
Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $11.9 billion to finance the creation and preservation of more than 220,000 units of quality housing in neighborhoods across New York State and beyond.
At CPC, our values define who we are as an organization and guide the way we work with our partners, within our communities, and with each other.
CEO Rafael E. Cestero looks back on CPC’s biggest year yet in his Fiscal Year 2021 Annual Report Message:
The CPC Operating Committee is the primary internal management body responsible for driving CPC’s business objectives and strategic direction in support of our mission. This Committee works in close collaboration with the Board of Directors to establish organizational priorities and identify ways to expand CPC’s impact in communities.
CPC Board Chair
Managing Director
Wells Fargo Multi-family Capital
CPC Board Vice Chair
Managing Director, Acquisitions
Red Stone Equity Partners, LLC
President
Related Companies
Managing Director and Global Head of Real Estate and Asset Finance
Credit Suisse
Faculty Director
NYU Furman Center for Real Estate and Urban Policy
Senior Vice President
Bank of America
Senior Advisor (Ret.)
CCMP Capital Advisors, LLC
Real Estate/Legal Consultant
Senior Vice President – Multifamily Chief Credit Officer (Ret.)
Fannie Mae
Managing Director, Affordable Housing Acquisitions & Development
Tishman Speyer
CEO and President, Chemung Canal Trust Company
President, Capital Bank
Partner
Cannon Heyman & Weiss, LLP
CPC’s Equity Investment group invests CPC’s own capital into affordable, workforce, and transformational housing developments. CPC’s investments are mission-aligned and are structured to generate appropriate returns – while also supporting the growth and success of our partners. Our investments are sometimes made directly into properties or portfolios of properties, and sometimes made indirectly into development companies or funds.
While CPC is not typically the primary operating partner, we closely manage all of our investments. The Asset Manager will track and monitor investments while participating in both tactical and strategic activities. This flexible and dynamic role supports our existing asset management platform, and will have the opportunity to grow into increasing responsibilities. The role is ideal for a developing professional eager to engage with the development, construction, financial, governmental, legal, interpersonal, and operational aspects of the real estate industry.
For more information, apply here:
The Mortgage Analyst will conduct the preliminary review of loan applications, perform due diligence, budget and credit review, and finalize the detailed underwriting necessary for the approval, closing or conversion of loans. This person will work with the loan’s stakeholders to identify steps necessary for closing or conversion, and to monitor actions undertaken by all parties to ensure progress.
For more information, apply here:
CPC has offices throughout NY State, and opportunities may become available for Mortgage Officers, Assistant Mortgage Officers, as well as support & clerical staff. If you have any questions, please contact Brenda Barnaby, Human Resources at 646-822-9327.
The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status. CPC supports equal opportunity employment and understands that EEO is the law.
