The Community Preservation Corporation (CPC), the nation’s largest community development financial institution (CDFI) dedicated solely to multifamily housing, announced that it has received a $15 million donation from Yield Giving, a fund led by philanthropist MacKenzie Scott that delivers support to nonprofits around the world. The gift will allow CPC to further its nonprofit mission of financing affordable and workforce housing and will help to expand the impact of its programs and initiatives.
“We are incredibly grateful to MacKenzie Scott for her extraordinary investment in the Community Preservation Corporation and for the faith she has demonstrated in CPC and her commitment to our mission,” said Rafael E. Cestero, CPC chief executive officer. “As we head into 2024 and the celebration of our 50th year of service, this gift adds fuel to our drive to create more affordable, equitable, and sustainable communities. By providing $15 million in unrestricted capital, Ms. Scott has given CPC the gift of flexibility and the opportunity to dig deeper and create a larger impact.”
CPC is a diversified, nonprofit, multifamily finance company that was founded in 1974 and believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing and while doing that, advance diversity and equity within the development industry and expand investment in the green economy to lessen the impact of climate change in our communities.
As a national nonprofit lender and investor, CPC specializes in sustainable, affordable, and workforce housing finance, offering a full suite of construction and bridge financing solutions and permanent mortgage products. CPC is also an equity investor that is committed to the long-term stability and affordability of the properties under its stewardship.
CPC launched the CPC ACCESS (Acquiring Capital and Capacity for Economic Stability and Sustainability) initiative in 2020. ACCESS has sharpened CPC’s focus on empowering Black and indigenous people of color (BIPOC) developers and deploying more capital to the people and places who need it most. Since 2020, the $40 million of CPC’s balance sheet capital committed to this effort has leveraged more than $440 million dollars invested in BIPOC developer-led projects throughout New York State. CPC created the ACCESS Incubator to empower emerging developers to succeed. This free virtual training program focuses on each step of the development process, has graduated more than 100 participants since it started last year.
