The Community Preservation Corporation (CPC), a nonprofit multifamily finance company, raised $150 million through its inaugural public debt offering of Sustainability Bonds, making it the single largest bond sale completed by a community development financial institution (CDFI).
CPC’s offering attracted $300 million in orders.
As one of the largest CDFIs solely dedicated to multifamily housing, CPC expects to deploy the capital raised in furtherance of its nonprofit mission of investing in affordable and sustainable multifamily housing in New York State and City and throughout the Northeast.
“Our successful bond sale signals that the market not only has confidence in the CDFI sector’s ability to deliver as a solid investment, it also understands that our mission-focused work can create an impact that goes beyond their bottom line,” said Rafael E. Cestero, President & CEO, CPC.
“CPC is in an unprecedented position of financial strength. We now have the resources, and with them, the responsibility to define what we can and should be doing to help our partners address their most pressing housing and community development challenges.”
The rating agency cited CPC’s “experienced, proactive management team and board, which exhibit strong risk oversight and governance capabilities, and a mission-driven growth strategy,” as well as its opinion that, “CPC maintains a profitable, well-diversified operation that is distinct from its CDFI peers.”
“CPC has been an innovator in the multifamily space for more than 45 years. Their expertise in affordable housing has helped bring stability to those most in need, and their work to move the industry towards sustainability has helped create greener, cleaner, and more livable communities,” said Alan Wiener, Lead Independent Director, CPC.