About CPC
By The Numbers
1974
Established
$14.3B
Invested
225k
Units Financed
Our Mission
CPC believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. CPC is a nonprofit affordable housing and community revitalization finance company providing flexible capital solutions, fresh thinking and a collaborative approach to the complex issues facing communities.
Our Approach
As a nonprofit multifamily lender and investor, we measure our success through our ability to make an impact on our three core objectives.
- Increasing the supply of affordable and workforce housing.
- Pushing the real estate industry towards greater sustainability and the decarbonization of the built environment.
- Working to close the racial wealth gap by advancing diversity and equity in housing and development.
Our Story
CPC was founded in 1974 as a direct response to the chronic issues of property abandonment and blight facing New York City and its multifamily housing stock. These were the “bad old days” – when the New York Daily News, in response to President Ford’s refusal to bail the City out of its crippling fiscal crisis, ran its iconic headline in 1975, “Ford to City: Drop Dead.” Each year, between 20,000 and 30,000 rental units were being lost in to abandonment, fire, or demolition, and communities were suffering.
We started by focusing a small amount of pooled capital on a few neighborhoods – namely Crown Heights in Brooklyn and Washington Heights in Manhattan. These targeted loans helped improve building quality and people’s living conditions, and helped prevent the blight in surrounding neighborhoods from destabilizing them.
In the 1990s we built on our successes and lessons learned, taking our unique expertise and business model into every region across the State of New York – working with municipalities and local stakeholders to help solve their most pressing housing and community revitalization needs.
Following the Great Recession (circa 2008-2010), we refocused on our mission and set out to diversify our product offerings to better serve our partners and to expand the reach of our impact. This included the creation an agency mortgage lending subsidiary, the growth of our industry-leading sustainability platform, and the launch of initiatives to empower black and brown developers and to bring diversity and equity to the real estate industry.
Today, CPC has a national footprint and is the largest Community Development Financial Institution (CDFI) in the nation solely focused on investing in multifamily housing. It is our culture of trust and respect, and our dedication to advancing the vision of our partners that allows us grow and succeed together.
Revitalization.
Making History
Since our founding in 1974, CPC has been blazing trails, building unique partnerships, and bringing our mission and impact to communities in need. Check out a few highlights that have defined our history.
FY 22 Annual Report: $1 Billion of Impact
CPC continued to expand and elevate our impact in FY 22, lending and investing a landmark $1 billion in neighborhoods nationwide. Each project advanced CPC’s impact goals of expanding the affordable housing stock, investing in the green economy, and reducing the racial wealth gap.