50 Year Anniversary

CPC opens its first office in 1974 in New York City to help improve building quality and prevent the blight and abandonment gripping communities across the city. CPC commits $635,000 for the rehab of an 87-unit building in Washington Heights, Manhattan; followed quickly by a series of small loans for properties in Crown Heights, Brooklyn

In the 1980s, CPC secures loan purchase commitments from the NYC Police Pension Fund and NYC Employees’ Retirement Systems; the first time any public pension fund in the country invested in upgrading housing

CPC expands across the state and opens an office in the Hudson Valley in 1989. It continues to expand throughout the 1990s with offices across New York State.

In 1992, the NYS Common Retirement Fund establishes loan purchase agreement with CPC. The State of New York Mortgage Agency agrees to insure all program loans.

CPC and partners purchase ownership share of Parkchester in the Bronx in 1998, and plan to rehab its 12,200 units and 525,000 sq ft of commercial space. It had fallen into extreme disrepair under previous ownership.

In 2005, CPC and partners complete a massive rehab at Parkchester, which at the time was the largest multifamily rehab project in the country. Parkchester remains a naturally affordable community.

New York City selects CPC to administer $45 million in funding through the Build it Back program, to rebuild and restore properties damaged during Hurricane Sandy.

CPC launches its Agency mortgage lending subsidiary in 2019; CPC Mortgage Company is the nation's only nonprofit-owned mortgage lender with national multifamily licenses for Freddie Mac, Fannie Mae, and HUD/FHA products.

During the COVID-19 pandemic, New York State selects CPC to administer financial relief funds and technical assistance to small building owners.

CPC deploys over $1 billion to support affordable and workforce housing projects during a record-breaking 2022 fiscal year, financing 144 projects totaling 9,638 units across 18 states.

Here's to the next 50 Years!

The South Bronx faces severe blight and abandonment during CPC’s founding. In 1978, CPC expands lending into the South Bronx when it partners with the NYC Department of Housing Preservation and Development (HPD) to originate loans for HPD’s participation loan program. The strong partnership and a version of the program live on today.

Phase One of Nehemiah Spring Creek Homes, a collaboration between CPC, the NYC HPD, and East Brooklyn Congregations, brings 184 units of affordable housing, including 117 homeownership units, to the Gateway Parks district in 2009.

This project’s three phases and additional Nehemiah developments spur the continued revitalization of the East New York and Brownsville neighborhood.