Grant funding will support the ACCESS Incubator, an entry-level real estate training program for emerging entrepreneurs getting started in multifamily development
New York, NY — The Community Preservation Corporation’s ACCESS Initiative, which provides funding, education and other resources to developers to help them grow their businesses and expand their capacity within the real estate development industry, received a $60,000 grant from U.S. Bancorp Impact Finance. The grant will be used to expand ACCESS Initiative’s knowledge sharing and education efforts through its Incubator training program. CPC’s ACCESS Initiative provides funding, education, and other resources to entrepreneurs who have disproportionately experienced barriers to entry within the real estate development industry.
The Community Preservation Corporation (CPC), a 50-year old nonprofit company, is one of the nation’s largest CDFIs solely dedicated to financing multifamily housing.
“My thanks to U.S. Bancorp Impact Finance for their generous support and for their commitment to help emerging developers grow their capacity,” said Lawrence Hammond, Senior Vice President at The Community Preservation Corporation and Director of ACCESS. “We’re looking forward to deploying this funding to advance our successful knowledge sharing and education programs that have already graduated more than 170 participants. These local entrepreneurs are not just building their businesses, they’re revitalizing and strengthening our housing stock, creating jobs and growing the local economy, and adding competition and new ideas to the industry.”
“Strengthening the capacity and capabilities of local emerging developers is at the heart of this initiative,” said Torrence Moore, senior vice president of U.S. Bancorp Impact Finance. “We hope those in the Incubator program will find greater success in multifamily development because of increased access to tools and resources.”
One of the main goals of the ACCESS Program is to assist novice developers in bridging the gap in technical knowledge and experience. The ACCESS Incubator is a free virtual training series. It includes ten 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 Real Estate Advisory, 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.
With the new funding from U.S. Bancorp Impact Finance, ACCESS is launching the Incubator 2.0 series with a cohort of 20-25 graduates from previous cohorts of the Incubator series. The modules will include advanced topics, such as Capital Sourcing, Asset Management, Working with Government Partnerships, Low-Income Housing Tax Credits, Capacity Building, Joint Venture Partnerships, and Underwriting/Budget Modeling.
The funding has also allowed the ACCESS Incubator program to extend its efforts and reach. The latest cohort has 50 members currently enrolled; 76% of whom are from New Jersey. CPC plans to continue to use the funding to expand the Incubator and its knowledge sharing efforts to other locations where it could be a benefit to novice developers.
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 participants have graduated and CPC has closed $5.5 million in loans and investments to graduates, with several projects completed, and others in various stages of the active pipeline.
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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 4,200 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.