Dear Friends and Partners,
I hope this note finds you well.
I understand that these are extraordinary times and that your first priority is the safety and well-being of your family, your employees, and your community. As many of you know, at CPC we’ve transitioned to a telecommuting work plan to ensure that we are doing our part to stop the spread of the COVID-19 virus, while also fulfilling our mission of providing stable capital to our customers and the communities they serve.
In an environment where the markets are reacting to the uncertainty of this unprecedented situation, it can be difficult to track the near daily changes to policy and practice that affect your business and the livelihoods of you and your employees.
At CPC, we are here to help. I want to assure you that we are open for business and stand ready to provide our customers, partners, and colleagues in the private and public sectors with the support and service that has defined our company since 1974. As a nonprofit lending and investing company, CPC was created to be a steady hand and a source of stable capital in dire times. Over our more than 45 years, we have helped our partners through deep recessions, the fallout of severe weather events, and the everyday ebbs and flows of the market.
We are already seeing that the impact of the pandemic is likely to exacerbate the existing affordable housing crisis in cities across the country. As a company with deep roots in affordable housing finance, CPC stands ready to leverage our capital and our expertise to ensure that communities are able to meet their diverse affordable housing priorities.
As of now construction, and many of its associated jobs and trades, has been declared an essential service in New York State and similarly in New Jersey, Connecticut, and other states across the country. Our lending partners at Freddie Mac, Fannie Mae, and HUD/FHA remain open for business and are providing guidance to seller/servicers and borrowers as the situation progresses.
Whether you have been working with our construction lending teams across New York State, our Agency lending team at CPC Mortgage Company, or our equity investing team – we are here to answer your questions, keep you informed, and continue to move your business forward. I am providing links at the bottom of this email to our website where you can find business contacts should you need them.
As we continue to navigate this situation please know that we are all here to support and hold each other up. Thank you for your continued support and partnership, and please do not hesitate to reach out to us if there is anything we can do to help.
Rafael E. Cestero
President and CEO