THE CPC WAY / Community Development

Our Biggest Year Yet: Leading with Impact

By Rafael E. Cestero, Chief Executive Officer

Fiscal Year 2021 was the biggest year yet in our organization’s 47-year history. I am tremendously proud to share that together, our dedicated and talented team closed more than 260 transactions and deployed nearly $940 million across our suite of flexible capital products to finance 8,400 units of quality housing.

The numbers are big and bold, but what makes me the proudest is that we sourced, originated and closed each transaction The CPC Way. Because of the team’s commitment to our mission, each loan or investment tells a story of the outcomes of the housing that gets built, the small BIPOC developer that’s able to grow their business or the residents who have safe affordable housing.

Below are just a handful of the stories that CPC and our partners are helping to write with each transaction. What a privilege to lead an organization that was able to create so much economic opportunity during a time when communities are severely in need.

Thank you to the CPC team and our partners for the continued dedication and collaboration. Our mission continues to be critical and I look forward to continuing to bring safe, quality housing to the communities where it’s needed most.

Beyond the Numbers

  • A repeat borrower in Albany is using CPC financing to rehabilitate nine buildings and two vacant lots. He will create 40 units of quality housing in a neighborhood that needs it.
  • In NYC, we were part of a team with Banana Kelly, HPD, Enterprise and the El Barrio Community Land Trust (CLT) and Mutual Housing Association that’s working to rehab and convert 4 city-owned buildings in Harlem into affordable housing. A board of tenants, community members and nonprofit leaders will operate the development to ensure service to the community.
  • CPC is an equity partner in a massive rehabilitation project that will preserve the New York City Housing Authority (NYCHA) Manhattan Portfolio of developments, bringing quality housing, long-term stability and supportive services to nearly 3,000 residents.
  • CPC Mortgage Company delivered our flexible Agency products to new borrowers and communities. This includes $14.7 million in Fannie Mae financing to refinance a portfolio of four properties in New Mexico and Texas, totaling more than 300 units, that are affordable to tenants at or below 60% AMI.
  • With CPC ACCESS financing, a group of Syracuse borrowers will help revitalize a 3-unit building acquired from the Syracuse Land Bank. It’s the goal of the team to develop a pipeline of projects that help restore the formerly red-lined 15th Ward community.
  • In FY 2021, our team worked to drive deeper energy efficiency measures, financing over 1,600 energy efficient units in projects like the historic Smith Restaurant Supply building in Syracuse
  • CPC’s first impact investment supports a project with New Jersey Community Capital to acquire 43 residential properties, rehabilitate them, and prioritize their sale to first-time buyers earning between 80%- 120% of AMI.
  • CPC responded to the COVID-19 crisis and calls to action from our partners by successfully implementing NY Forward, deploying $5.7 million across 123 loans to help landlords manage through pandemic-related rental income loss.
  • CPC partnered with HCR to create Legacy Cities, which will transfer portfolios of blighted, land bank-owned properties to local developers (M/WBE preferred) for rehabilitation, after which sales will prioritize purchasers of color and low-income households.


Learn More: Fiscal Year 2021 Press Release

By Rafael E. Cestero, Chief Executive Officer
Rafael E. Cestero is the Chief Executive Officer of the Community Preservation Corporation (CPC), and a member of its board of directors.


Next Up

Ending the NYCHA Blame Game
By Rafael E. Cestero about Housing Policy and Legislation