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
Albany, NY, (August 8, 2024) — Sierra Murray, an independent, BIPOC developer was joined by The Community Preservation Corporation (CPC), a mission-driven non-profit multifamily finance company, and local Albany officials to celebrate the completed gut rehabilitation of two affordable apartments at 269 Sheridan Avenue in Albany, New York. Murray 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.
Murray, a graduate of CPC’s ACCESS Incubator training series, received a $207,000 construction loan from CPC for the gut rehabilitation of two affordable apartments which are located on the same street where she resides. Having grown up in the historically redlined Sheridan Hollow neighborhood, Murray owns other properties in the area that she aims to revitalize as well.
“I’m thrilled to be celebrating this milestone at 269 Sheridan Avenue, particularly as a neighbor who gets to see firsthand the positive impact this work has on my community,” said Sierra Murray, the project’s developer. “As a woman of color who has faced many barriers in this industry, the support from CPC’s ACCESS Initiative has been transformative and provided me with the tools and knowledge I need to stand on equal footing with other developers. I’m committed to continuing to transform our neighborhood and hope to inspire other minority developers to do the same.”
“Through our CPC ACCESS Initiative, we aim to empower developers like Sierra Murray who bring invaluable perspectives and commitment to their neighborhoods, but who may face barriers to accessing capital and technical knowledge,” said Lawrence Hammond, Senior Vice President at The Community Preservation Corporation and Director of ACCESS. “Small projects like Sheridan Hollow Affordable can make a big difference in the community as a catalyst for change and can form the foundation for a successful and growing business. Sierra’s dedication to improving her community is truly inspiring and we look forward to watching her continued success with the resources and skills gained from our program.”
CPC’s ACCESS Initiative provides funding, education, and other resources to empower BIPOC entrepreneurs who 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, a free, virtual training series that includes eight 90-minute sessions takes participants through each phase of the development process, and 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 scope of work, plan review, cost analysis, sources and uses analysis, credit analysis and construction. Since the program’s inception, CPC has completed 5 training cohorts with more than 170 program graduates, several of which are working on developing their first housing projects.
Since CPC launched the ACCESS Initiative in 2020, it has leveraged more than $500 million to help emerging BIPOC developers finance housing development projects in cities like Albany, Syracuse, Rochester, Buffalo, Kingston, New York City, and others. In the 2024 fiscal year, CPC invested $25 million in New York’s capital region across 6 projects, amounting to 221 quality homes created or preserved.
With CPC’s assistance with training and financial resources she has been able to build the capacity of her development business and has learned how to navigate AIA contracts, Sources and Uses, insurance and other technical components of the development process. Murray is taking all the necessary steps to help make a difference in her neighborhood.
Currently celebrating its 50th anniversary, CPC entered 2024 on the heels of several significant milestones. In early April, Climate United, a coalition of three nonprofit organizations including CPC, was the recipient of a $7 billion award from the EPA’s National Clean Investment Fund. CPC leads the Climate United coalition’s multifamily market strategy through the deployment of targeted investments to decarbonize multifamily housing nationwide. In December, as managing member of Community Stabilization Partners the company was chosen by the FDIC to service and asset manage $5.8 billion in loans, encompassing more than 860 permanent loans and nearly 35,000 units of rent stabilized multifamily housing from the former Signature Bank portfolio. CPC also recently received a $15 million donation from “Yield Giving,” a fund led by MacKenzie Scott that delivers support to nonprofits around the world. This 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.
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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 $15 billion to finance the creation and preservation of more than 230,000 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 4,500 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.