Over 144 affordable and workforce housing projects totaling 9,638 units, including 1,500 high-performance sustainable units
CPC’s Fiscal Year 22 focused on new efforts to expand social impact, new knowledge-sharing and education initiatives, and philanthropy
NEW YORK, August 22, 2022 /PRNewswire/ — The Community Preservation Society (CPC) announced that it had deployed to $1 billion in capital to support affordable housing and labor and community development projects in a record-breaking 2022 fiscal year that ran from July 1, 2021 through June 30, 2022. CPC’s work through its building and permanent lending, mortgage and equity investment platforms and through its initiatives and programs has funded 144 transactions totaling 9,638 units in 18 states, to further its mission of expanding the affordable housing stock, investing in the green economy and closing the racial wealth gap. More than 95% of the total number of units financed were affordable to households with a regional median income (AMI) of 120% or less, and more than 80% of units were 80% or less affordable. FY22 also saw CPC expand its impact through its knowledge sharing, educational initiatives, and a new philanthropy program.
“This fiscal year was a tremendous success in which CPC continued to grow impact, deliver volume and expand important partnerships despite the ongoing challenges of the pandemic,” said Rafael E. CesteroCEO of the Community Preservation Corporation. “We are delighted with the $1 billion important step because it represents an expansion of our mission and our ability to invest, share our knowledge and resources, and create impact in the communities where it is most needed. »
CPC $1 billion loans and investments represented increased revenue and growth across all of CPC’s lines of business, which included $412 million in construction loan arrangements, $560 million in agency mortgage arrangements, $33 million in permanent loan arrangements, $25 million in real estate equity investments, and $3.5 million in investments through the firm’s mission-driven impact investing platform.
“Every dollar of it $1 billion represents a commitment to getting out into communities, building new partnerships and finding new ways for CPC to make a difference,” said Sadie McKeownPresident of the Community Preservation Corporation. “We have grown and diversified the business through our traditional loans and investments, as well as initiatives such as ACCESS, Sustainability and Connections which focus on equity, knowledge sharing and philanthropy. My thanks to our team at CPC, to our investors, government partners and industry peers who are all part of our success.”
“I am proud of the CPC Mortgage Company team and what we have been able to accomplish. Our growth and geographic expansion allows us to move the mortgage industry to a place where we can ask the question, where do we need to be to have the greatest impact,” said John CannonPresident of CPC Mortgage Company. “Whether affordable, conventional or small, we look at every transaction through the lens of impact and potential, and every borrower and every transaction has the ability to help us continue our community investing work.”
“I am extremely pleased to see CPC achieve the level of success it has achieved. For a CDFI to transact at this scale with the diversification of trading platforms and products is a testament to the leadership of the CPC team and its ability to execute on their long-term vision for the business,” said Alan WienerChairman of the Board of CPC and Managing Director of Wells Fargo Multifamily Capital. “I look forward to seeing CPC continue to expand its impact in new cities and communities, and with new partners across the country where their capital and expertise are most needed.”
CPC construction loan business is born $412 million in 48 separate affordable housing and workforce projects spanning the state of New Yorkof Buffalo at New York City. Highlights include a project in the Bronx to renovate three buildings that will create supportive housing for LGBTQI young adults, the revitalization of the Endicott-Johnson Victory Factory that will bring 156 market-priced housing units to Town of Johnson; and the $50 million264 units Place by the water project, the largest residential rental project to innovate in Beacon in decades.
CPC Mortgage Company, the company’s agency mortgage subsidiary, is born $561 million in Freddie Mac, Fannie Mae, and FHA/HUD mortgages in 11 states, with 80% of its volume coming from outside of New York State. This included agreements with new borrowers in new locations who share its mission and values; like BRIDGE Housing, a leading not-for-profit developer, owner and manager of affordable housing in Californiaand Ginosko Development Company, a company owned by BIPOC in Michigan specializing in the development and preservation of affordable housing.
CPC $25 million invested through its equity investment business included its partnership with a team of preservation-minded investors and property owners in acquiring an affordable housing portfolio of 13 buildings totaling 1,036 units that have been originally developed by Dunn Development Corp., and are located in manhattanthe Bronxand brooklyn. All apartments will remain affordable for low-income tenants.
CPC continued to focus on expanding its investments in the green economy, financing more than 1,540 sustainable and efficient units. This included partnering with nonprofit DePaul Properties to fund the construction of a new 65-unit sustainable supportive housing development in Port Byron, New York. The property will earn LEED for Homes and NYSERDA New Construction Tier II designations, and will feature all-electric heating and cooling systems that eliminate fossil fuels, providing a healthier indoor environment for tenants.
ACCESS, the company’s initiative that provides financial, technical and educational support to Black and Indigenous of Color (BIPOC) real estate developers and entrepreneurs, has invested $6.7 million in 11 projects across New York. Due to demand, CPC funded ACCESS with an additional $20 million. However, it is perhaps the ACCESS Incubator, a property development training program that has just completed its first cohort of BIPOC entrepreneurs, that is having the most impact.
In FY22, the company expanded the ways it helps its nonprofit partners. Through the launch of the new CPC Connections grant program, the company provided $500,000 in funding grants to 10 New York State-based nonprofits to assist in their work related to closing the racial wealth gap, promoting and advancing environmental justice and the provision of COVID-19 relief services.
About the Community Preservation Corporation (CPC)
CPC is a non-profit, multi-family financial corporation that was founded in 1974 to provide financial resources to stabilize and revitalize underserved communities. Today, CPC uses its unique housing finance and public policy expertise to expand access to affordable housing and reduce housing production costs, advance diversity and equity within the development industry and impact the effects of climate change in our communities through sustainable habitat funding. Since its creation, CPC has invested more than $14 billion to finance the creation and preservation of more than 225,000 homes through its lending and investment platforms. CPC is a carbon neutral company and has been rated AA- by S&P. Visit CPC at communityp.comand on Facebook, Twitter and LinkedIn.
CONTACT: Jordyn Leon, [email protected]
SOURCE Community Preservation Society