Founded in 1974, the Community Preservation Corporation (CPC) began as a partnership between New York City and commercial banks, formed to address property abandonment and deteriorating multifamily housing. Its early lending focused on Crown Heights in Brooklyn and Washington Heights in Manhattan. 24
Headquartered in New York City, CPC is a nonprofit lender and investor working nationally on affordable, workforce and sustainable housing. It provides construction and bridge loans, permanent mortgages and equity investments, and describes itself as the country’s largest Community Development Financial Institution focused solely on multifamily housing. 41 Its work also draws on housing finance and public-policy expertise to support housing access, address inequities in the development industry and finance more sustainable properties. 110
CPC’s activities span both New York State and other parts of the country. In fiscal year 2022, it financed 144 transactions totaling 9,638 units across 18 states. Examples included supportive housing for LGBTQI young adults in the Bronx, the redevelopment of the Endicott-Johnson Victory Factory in Johnson City, and Edgewater Place, a 264-unit rental project in Beacon. 10 Earlier, CPC and its partners financed the rehabilitation of four city-owned buildings in Harlem for conversion to affordable housing, as well as a project in Albany involving nine buildings and 40 homes. 9
Rafael E. Cestero is CPC’s chief executive officer. The organisation’s headquarters are at 220 East 42nd Street in New York City. 31