2020 fiscal year annual report - communityp.com
TRANSCRIPT
2020FISCAL YEAR ANNUAL
REPORT
Fiscal Year 2020 (FY 20) was a year of accomplishments, contrasts and challenges that saw CPC put its best foot forward when crises hit.
CPC was rated AA- with a stable outlook by S&P Global Ratings, elevating the company to a select category of rated Community Development Financial Institutions (CDFI). The achievement paved the way for CPC to execute the largest single bond raise by a CDFI, a $150 million public offering of sustainability bonds that bolstered liquidity and stability in support of the company’s mission. CPC also furthered its commitment to delivering capital to communities for affordable housing and revitalization of historic downtowns and collaborated with New York City Housing Authority (NYCHA) residents to work toward the comprehensive rehabilitation of a 16-property portfolio of distressed buildings.
The company continued to expand its mortgage lending platform and further diversified its product base. Also in FY 20, CPC announced a goal to become a carbon neutral company.
Then in March 2020, the COVID-19 pandemic struck the nation, causing the deaths of more than 100,000 people before the fiscal year’s end, along with a historic economic collapse that threatened the stability of millions. The Black community, which suffered disproportionately from the impacts of COVID-19, was hit again when George Floyd was murdered, sparking an ongoing social justice movement with protests across the country calling out the injustices Black people experience every day simply because of the color of their skin.
The hard work in the first half of the year gave CPC the financial strength and stability to bring its mission-focused efforts to communities in a time of unprecedented crisis. In May, during the height of the pandemic, Governor Cuomo announced that CPC would administer the State’s relief program for small building owners suffering economic loss due to COVID-19. As the year came to a close, CPC planned to launch Acquiring Capital & Capacity for Economic Stability & Sustainability (ACCESS), a $20 million initiative to invest in Black and other minority entrepreneurs who have disproportionately experienced barriers to entry within the development industry.
The global pandemic in Fiscal Year 2020 underscored
the enduring importance of our mission. Thank you
to our borrowers, partners, the CPC team and the
communities we serve across New York and across
the country. We are thankful for your partnership
and for our work together during this time of
unprecedented need.
RAFAEL E. CESTERO, PRESIDENT & CEO
100+LOANS
825HIGH EFFICIENCY UNITS
FINANCED
$150MRAISED THROUGH INAUGURAL
PUBLIC OFFERING OF SUSTAINABILITY BONDS
1M+PEOPLE HOUSED
$558MDOLLARS INVESTED
71%AFFORDABLE PROJECTS*
AA-S&P RATING WITH A STABLE
OUTLOOK
$11B+INVESTED IN COMMUNITIES
5,170UNITS FINANCED
66%SMALL BUILDING PROJECTS**
200,000+UNITS FINANCED
Since Inception
*Affordable to households earning at or below 80% area median income**Projects financed with 49 units or fewer
ROCHESTER, NY
Revitalizing a Historic BlockThis project transformed six formerly vacant and underutilized buildings into naturally affordable apartments and eight commercial spaces. Projects like this one, fostering opportunities to live, work and play, are one way that CPC and its partners can breathe new life into historic downtowns.
$7.9 Million Construction Loan
NEW YORK, NY
Achieving Home OwnershipFor many low-income families, home ownership and the stability that comes with it are intangible dreams. Nonprofit borrower Bridge Street Development Corporation is making the home ownership dream a reality for residents of two City-owned buildings, which are transitioning to tenant-led cooperatives through the NYC Affordable Neighborhood Cooperative Program.
$2.8 Million Construction Loan
NEWBURGH, NY
Transforming a Former FactorySmall multifamily buildings are the backbone of communities large and small. CPC is dedicated to meeting the unique capital needs of small building owners. This project is revitalizing a former downtown factory that sat vacant for 20 years to create affordable apartments and a co-working space.
$2 Million Construction Loan and 30-Year Permanent Loan through the New York State Common Retirement Fund
BROOKLYN, NY
Preserving Long-Term AffordabilityCPC meets the diverse capital needs of our borrowers with a suite of Agency loan products offered through subsidiary CPC Mortgage Company LLC, a trusted financing resource bringing deep experience and certainty of execution to refinance, acquisition, rehabilitation and new construction projects. This refinance helps our borrower continue providing affordable homes for low-income residents.
$48 Million Freddie Mac Targeted Affordable Housing Loan
18 UNITS
360 UNITS
41 UNITS
9 UNITS
BUFFALO, NY
Energy Efficient, Mixed-Use DevelopmentThis project by a local Buffalo borrower is transforming the vacant site of a former gas station into a vibrant, mixed-use development offering workforce housing and space for three businesses in Buffalo’s Hertel Street corridor. The completed new construction will meet rigorous water and energy efficiency standards.
$6 Million Construction Loan and $6 Million Permanent Loan through the NYS Common Retirement Fund
ITHACA, NY
Affordable, Supportive and SustainableThese new affordable, sustainable apartments offer on-site supportive services to residents. CPC works with our partners to add value to the market and support increased environmental and economic sustainability in our communities. To date, CPC has financed more than 8,000 units of environmentally sustainable housing.
$8.1 Million Construction Loan
THE BRONX, NY
Investing in the South BronxCPC’s equity business is rooted in the belief that responsible, long-term stewardship of multifamily housing can help preserve affordability, reduce displacement and stabilize communities. CPC and SMJ Development, a certified Minority-Owned Business Enterprise, invested to acquire, upgrade and preserve these affordable apartments and commercial spaces.
Equity Investment
CPC Staff Giving Back An essential component of our work is our ongoing support for local communities and nonprofit partners. The CPC team helped make the following impact through our annual Day of Service and support of local nonprofits Community League of the Heights (CLOTH) and Mutual Housing Association of New York (MHANY):
Thank you to the Citizens Committee of New York for working with CPC on our annual Day of Service and FY 20 holiday giving activities.
1,000sOF MEALS AND SAFETY
KITS DELIVERED TO COMMUNITY MEMBERS
1,000TOYS GIFTED TO
CHILDREN IN NEED
45PIECES OF CLASSROOM
FURNITURE BUILT
15SPACES BEAUTIFIED FOR LEARNING AND PLAYING
34 UNITS
90 UNITS 60 UNITS
Capital Region, NY
Central, NY
Hudson Valley, NY
New York City & Long Island
Western NY
$28,000,000
$66,800,000
$84,800,000
$214,400,000
$35,500,000
5
15
21
46
7
Units Created or PreservedDollars InvestedLoansRegions
New York State FY 20
280
825
936
1368
513
4,000
Housing Units
0
Community Capital AdvisorsElizabeth Propp220 East 42nd Street, 16th FloorNew York, New York [email protected]
New York CityRobert Riggs220 East 42nd St, 16th FloorNew York, New York [email protected]
Hudson Valley, New YorkDoug Olcott480 Bedford Road, Suite 4201Chappaqua, NY [email protected]
Corporate Headquarters220 East 42nd Street, 16th FloorNew York, New York [email protected]
Upstate RevitalizationThomas McGrath480 Bedford Road, Suite 4201Chappaqua, NY [email protected]
Central New YorkNicholas V. Petragnani, Jr.315 North Clinton StSyracuse, NY [email protected]
SustainabilityAtalia Howe220 East 42nd Street, 16th FloorNew York, New York [email protected]
CPC Mortgage CompanyJohn Cannon220 East 42nd Street, 16th FloorNew York, New York [email protected]
Capital Region, New YorkMichael Skrebutenas54 State Street, Suite 201Albany, NY [email protected]
Western New YorkAndrew D’Agostino500 Seneca Street, Suite 140Buffalo, NY [email protected]
© 2021 The Community Preservation CorporationPhoto Credits: Wendy Colucci, Ronald L. Glassman, Nile Smith.
View the full CPC Annual Report:communityp.com/2020annualreport