Financing and Technical Assistance Provided Through CPC’s ACCESS Initiative and Incubator Program – Created to Empower BIPOC Real Estate Entrepreneurs and Invest in Communities of Color
Buffalo, NY — Amun Ra, CEO of AHR Development, was joined by The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company, and Buffalo officials to celebrate the completed gut rehabilitation of three properties on Riley Street and Florida Street within the Hamlin Park and Cold Spring communities. Ra was supported through CPC’s ACCESS Initiative, which provides funding, education and other resources to Black, indigenous and people of color (BIPOC) developers to help them get their start and grow in the industry.
Ra, a graduate of CPC’s ACCESS Incubator training series, received a $461,200 construction loan from CPC for the gut rehabilitation of three properties delivering four affordable residential units. Based on Department of Housing and Urban Development (HUD) standards, all three properties were offered at an affordable rate targeting 80 percent Area Median Income (AMI). The homes are naturally occurring affordable housing with no subsidy.
“Celebrating this milestone is extremely rewarding, especially knowing the meaningful impact these homes have in our community. Economic barriers and the lack of genuine support have severely limited opportunities for BIPOC developers and contractors. I’m deeply grateful that CPC has truly embodied the spirit of the ACCESS Initiative by providing critical Capital and Capacity for Economic Stability and Sustainability which prepares BIPOC developers for successful projects,” said Amun Ra, CEO of AHR Development. “CPC’s ACCESS Initiative has profoundly shaped my journey, empowering me to transform my vision into a tangible reality. Now, it’s my privilege to be the light and welcome others who look just like me into a home and a sector filled with promise, opportunity, and possibility.”
“Amun is another successful example of the impact CPC’s ACCESS initiative can have, leveraging the tools resources ad knowledge gained through the program to invest directly in the parts of his community that need it most,” said Lawernce Hammond, Senior Vice President at The Community Preservation Corporation and Director of ACCESS. “Every project, regardless of the size, makes a difference and we are so proud to be working alongside Amun. The CPC ACCESS Initiative is designed to break down systemic barriers and support emerging developers like Amun who are committed to creating lasting, community-driven change.”
“Rehabilitating vacant homes instead of demolishing them is a cost-effective way to bring life back into neighborhoods that have suffered from years of disinvestment,” said New York State Senator Sean Ryan. “By utilizing local and predominantly MWBE contractors to complete the work, this project will also create a ripple effect that strengthens local small businesses. Hats off to AHR Development for completing this project, which should serve as a template for community redevelopment in Buffalo going forward.”
“At a time when Buffalo is facing a housing and affordability crisis, it’s more important than ever that we rehabilitate neglected properties and bring them back online,” said Buffalo Council Woman Zaneta Everhart. “Thanks to Amun, his team at AHR Development, and The Community Preservation Corporation, several families in our community now have a safe and secure places to call home. I applaud Amun for his work in the Masten District and CPC for providing opportunities to Black and brown developers and contractors in our communities.”
“We are at a point where everyone understands having affordable housing, especially in our east side communities, is vital,” said Majority Leader Crystal Peoples-Stokes. “Having a person like Amun Ra, who went through The Community Preservation Corporation’s ACCESS Incubator program, is just as important. As someone of the community, Amun Ra is best suited to help address this specific community need. I applaud AHR Development and The CPC for recognizing this need in our community and finding a solution.
CPC’s ACCESS Initiative provides funding, education, and other resources to empower BIPOC entrepreneurs who historically have disproportionately experienced barriers to entry within the development industry. One of the main goals of the ACCESS Program is to bridge the gap in technical knowledge and skills often passed down through family businesses or within corporations. The ACCESS Incubator is a free virtual training series. It includes eight 90-minute sessions that take participants through each phase of the development process. It also features expert instruction, interactive components and project development support from housing consultants, Let’s Brainstorm, LLC.
As part of the Incubator training program, and after it concludes, CPC’s ACCESS Initiative supports BIPOC developers with project development support, including for the scope-of-work, plan review, cost analysis, sources and uses analysis, credit analysis, and construction phases.
Following the announcement of a $60,000 grant from US Bank, CPC ACCESS recently launched Incubator 2.0 with a cohort of 20-25 alumni. The modules will be facilitated by housing consulting firm, Lets Brainstorm and will include Equity Sourcing, Asset Management, Working with Government Partnerships, Low-Income Housing Tax Credits, Capacity Building, Joint Venture Partnerships, and Underwiring/Budget Modeling. The CPC ACCESS Incubator 1.0, which is presently underway, has 50 members currently enrolled; 76% of whom are from New Jersey. CPC plans to use this grant funding to continue growing the incubator and knowledge sharing outside of New York State.
CPC will also be introducing a pilot Developer-to-Developer Mentoring program, pairing experienced developers with CPC ACCESS Alumni for a 6-month mentorship commitment to help provide the tools, resources and networks of influence of these experienced developers while gaining key insights into the industry.
CPC established the ACCESS Initiative in 2020 and has leveraged funds to help emerging BIPOC developers finance projects in cities like Albany, Syracuse, Rochester, Buffalo, Kingston, New York City, and others. Since then, CPC has closed over 137 loans and investments with BIPOC developers/sponsors, totaling more than $709 million. Since the inception of the ACCESS Incubator in 2022, 171 trainees have graduated and CPC has closed $5.5 million in loans and investments to graduates, with several projects in various stages of underwriting in the pipeline to close.
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About The Community Preservation Corporation (CPC)
CPC is a nonprofit, multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14.8 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and maintains AA- S&P rating. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.