The Community Preservation Corporation Earns “AA-” Rating from S&P Global

Nonprofit Housing Finance Company Expects to Issue Sustainability Bond Offering

CPC to Use New Capital to Further Mission of Investing in Affordable, Sustainable and Workforce Housing in New York and the Northeast

New York City, NYThe Community Preservation Corporation (CPC), a leading nonprofit multifamily finance company, today announced that it has received a  “AA-” issuer credit rating with a Stable Outlook from S&P Global Ratings. The rating agency cited CPC’s, “Experienced, proactive management team and board, which exhibit strong risk oversight and governance capabilities, and a mission-driven growth strategy,” in its recent public rating.

Currently one of the largest community development financial institutions (CDFI) in the nation that is dedicated to investing in multifamily housing, CPC joins a select group of certified CDFIs to have successfully achieved an S&P rating. The ratings overview also cited S&P’s opinion that, “CPC maintains a profitable, well-diversified operation that is distinct from its CDFI peers.”

“CPC’s strong S&P rating is a message to the market that you can do well and do good. For more than four decades, CPC has invested in the projects and places where our capital and partnerships can help make a difference, change lives and strengthen communities. Our investing partners aren’t just getting a solid, dependable return, they’re also investing in the future of the neighborhoods we serve and making an impact that goes beyond their own bottom line,” said Rafael E. Cestero, President and CEO of CPC.

CPC provides capital to multifamily housing projects through its mortgage lending and equity investing businesses, that advance its mission of community development and revitalization. Since its founding in 1974, the company has provided nearly $11 billion to finance more than 196,000 units of multifamily workforce and affordable housing in New York and the Northeast. Over the last four fiscal years CPC has executed on a business plan that has seen its mortgage lending volume average approximately $611 million per year, with its total assets having increased by 23 percent, to more than $1.2 billion.

“This is an amazing milestone for CPC. Their strong S&P rating speaks volumes about the unique role the company has played and the impact its investments in multifamily housing have made throughout their history,” said Alan Wiener, Lead Independent Director, CPC Board of Directors, and Managing Director, Wells Fargo Multifamily Capital. “The ability to raise new sources of capital will give CPC the resources it needs to expand its impact and continue the good work that it does in communities.”

“CPC’s rating reflects the strength of its leadership team and financial track-record,” said Bruce Beal, CPC Board Member, and President, Related Companies. “This is a great opportunity for a mission-focused organization to access the capital markets and scale its impact revitalizing communities and bettering the lives of the people who call them home.”

“CPC has played an incredibly important role in the affordable housing and community development space for the last 45 years,” said Richard Roberts, CPC Board Member, and Managing Director, Acquisitions, Red Stone Equity Partners LLC. “This is a company that has built its success on adhering to its mission of partnering on the projects and places where their capital and expertise can do the most good. Their ability to enter the capital markets will open up new opportunities for CPC to expand their reach and continue to make an impact in communities through their investments in housing.”

“CPC’s outstanding rating truly proves they are at the top tier of CDFIs, and are able to tackle community housing challenges at scale,” said Gary Rodney, CPC Board Member, and Chairman, CREA, LLC. “Throughout its history, CPC has been an innovator in bringing new sources of capital and new public and private partnerships to help address the unique housing challenges of our cities and towns. Working with CPC offers investors the chance to work with a respected industry leader to help make our neighborhoods more sustainable and affordable.”

CPC expects to be issuing its inaugural public debt offering of Sustainability Bonds in the near future. In anticipation of its inaugural issuance, CPC has obtained an independent opinion from Sustainalytics, a global leader in ESG research, ratings and analysis. Sustainalytics evaluated the alignment of CPC’s sustainability bond platform with relevant industry standards and provided views on the robustness and credibility of the Sustainable Bond Framework. As a leading affordable housing lender, and an innovator in the financing of energy efficient construction and retrofits, CPC’s mission-based construction lending aligns with the environmental and social impact principles of the Sustainability Bond Guidelines 2018.

“CPC’s Sustainable Bond Framework is credible and impactful, and aligns with ICMA’s Sustainability Bond Guidelines 2018,” said Heather Lang, Executive Director, Sustainable Finance Solutions, Sustainalytics. “With a demonstrated record of financing environmentally and/or socially beneficial projects, and the framework’s alignment to business objectives, CPC is well-suited to issue sustainability bonds. Through its use of sustainable bond proceeds, CPC is demonstrating a deep commitment to revitalizing communities by providing affordable and energy efficient housing.”

CPC expects to deploy capital raised by its inaugural issuance in furtherance of its nonprofit mission of investing in affordable, sustainable and workforce multifamily housing in New York State and City and throughout the Northeast.

CPC’s issuance is being led by Goldman Sachs & Co. LLC with joint bookrunner Seibert Williams Shank & Co. L.L.C., a majority woman-owned and minority-owned financial services firm.

About The Community Preservation Corporation (CPC)

Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided nearly $11 billion to finance more than 196,000 units of multifamily housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at, and on FacebookTwitter  and LinkedIn.