Nonprofit Financier of Multi-Family Affordable Housing Receives Donation as It Heads Into Its 50th Year of Service
December 4, 2023 – The Community Preservation Corporation (CPC), the nation’s largest community development financial institution (CDFI) dedicated solely to multifamily housing, today announced that it has received a $15 million donation from “Yield Giving,” a fund led by MacKenzie Scott that delivers support to nonprofits around the world. The gift will allow CPC to further its nonprofit mission of financing affordable and workforce housing and will help to expand the impact of its programs and initiatives.
“We are incredibly grateful to MacKenzie Scott for her extraordinary investment in the Community Preservation Corporation and for the faith she has demonstrated in CPC and her commitment to our mission,” said Rafael E. Cestero, Chief Executive Officer of the Community Preservation Corporation. “As we head into 2024 and the celebration of our 50th year of service, this gift adds fuel to our drive to create more affordable, equitable and sustainable communities. By providing $15 million in unrestricted capital, Ms. Scott has given CPC the gift of flexibility and the opportunity to dig deeper and create a larger impact. On behalf of the staff and board of CPC, I applaud Ms. Scott’s continued generosity and inspiring commitment to making a positive impact on our society.”
“MacKenzie Scott is performing an incredible service as she delivers resources to nonprofits like CPC so we can continue to expand our work and mission, and we’re deeply thankful for her support,” said Richard Roberts, Chief Business Development Officer at Red Stone Equity Partners LLC, and CPC board chair. “For nearly 50 years, CPC has revitalized communities by providing the financing that creates and preserves affordable housing, and we’ve always done it with an eye towards expanding our impact to the communities and populations that need us most. Ms. Scott’s generosity and recognition of our work deepens our resolve and empowers us to continue our mission of creating more affordable, sustainable and equitable communities for everybody.”
CPC is a diversified, nonprofit, multifamily finance company that was founded in 1974 and believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing and while doing that, advance diversity and equity within the development industry, and expand investment in the green economy to lessen the impact of climate change in our communities.
As a national nonprofit lender and investor, CPC specializes in sustainable, affordable, and workforce housing finance, offering a full suite of construction and bridge financing solutions and permanent mortgage products. CPC is also an equity investor that is committed to the long-term stability and affordability of the properties under its stewardship.
CPC launched the CPC ACCESS (Acquiring Capital and Capacity for Economic Stability and Sustainability) initiative in 2020. ACCESS has sharpened CPC’s focus on empowering black and indigenous people of color (BIPOC) developers and deploying more capital to the people and places who need it most. Since 2020, the $40 million of CPC’s balance sheet capital committed to this effort has leveraged more than $440 million dollars invested in BIPOC developer-led projects throughout New York State. CPC created the ACCESS Incubator to empower emerging developers to succeed. This free virtual training program focuses on each step of the development process, has graduated more than 100 participants since it started last year.
A certified carbon neutral company, CPC is committed to creating capital products, advising on best practices, and promoting solutions for decarbonizing the built environment and increasing investments in the green economy. CPC’s sustainability platform promotes energy and water conservation measures that improve the financial and physical quality of the buildings and communities in which we live and work. Since 2015, CPC has achieved nearly $2 billion in green lending, with 75% of sustainable units financed serving low-income populations.
Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing across 23 states. The company provides a suite of construction and permanent products and is an equity investor with 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P.
# # #