The Community Preservation Corp. (CPC) closed a record fiscal 2018, deploying more than $840 million in capital to communities in New York and throughout the Northeast, a 102% increase over its fiscal 2017 activity.
During fiscal 2018, which ended June 30, the nonprofit affordable housing and community revitalization company also increased its agency lending totals by more than 350% over the prior year. CPC delivered approximately $495 million through its lending platform, which provides a suite of Freddie Mac and Federal Housing Administration products.
Its agency portfolio in fiscal 2018 was comprised of 154 loans, with the majority in New York and several in Massachusetts, New Jersey, and Pennsylvania as it continues to expand this platform.
CPC’s construction and permanent lending practice also supported diverse housing stock and project types by providing $347 million for 61 affordable and workforce housing developments throughout New York.
Some of the highlights of this work include:
• A $3.4 million construction loan for the Blake Hendrix development in Brooklyn, which created 13 new homeownership opportunities and 17 new affordable rental units;
• A $10.5 million construction loan and a $550,000 permanent loans for 60 new affordable apartments for seniors and families in downtown Oneonta; and
• A $13.5 million construction loan and $14 million permanent loan for NewRo Studios, a live-work model with 73 studio units in New Rochelle.
Ronald L. Glassman/The Community Preservation Corp.
Rafael E. Cestero
In addition, the nonprofit focused its equity investing on supporting the efforts of neighborhood-based developers, including minority- and women-owned business enterprises (M/WBEs). It committed up to $3 million to Xenolith Partners, a certified M/WBE focused on developing affordable housing in New York City, as part of its first partnership under the initiative
“A record year at CPC means that we have been able to advance our mission and expand our impact, bringing new lending products to our borrowers, supporting the growth of M/WBEs, and helping to breathe new life and economic opportunity into underserved communities,” said Rafael E. Cestero, president and CEO of CPC. “I am confident that the work we are doing to build our business infrastructure and diversify our products and services has positioned CPC for continued growth and a robust and successful FY 2019.”