The Community Preservation Society (CPC), National Equity Fund (FNE) and cinnamon have formed a joint partnership called CPC Mortgage Companya new lender specializing in lending to multi-family agencies with the goal of both expanding and preserving affordable housing and for the workforce, Commercial Observer has learned.
Formed with the goal of making housing investments more socially responsible, CPC Mortgage Company gives multifamily homeowners and investors access to capital while supporting its members’ nonprofit work to improve their communities.
According to a press release, CPC Mortgage Company is the only nonprofit lender to offer Freddie Mac, Fannie Mae and Federal Housing Administration (FHA) products including conventional, affordable and low balance loans for the acquisition, refinancing, rehabilitation and development of multi-family properties.
“Our mission is to leverage the unique expertise of this partnership to bring flexible mortgage capital to communities to expand and preserve affordable and workforce housing,” John Cannon, president of CPC Mortgage Company, said in an announcement regarding the partnership. “We are bringing the mortgage industry to a place where we can ask the question: where do we need to be to have the greatest impact, and how can we use our unique skills and reach as experts in affordable and purposeful housing. non-profit ?”
At the launch of the new partnership, he will work with landlords and investors of all sizes, with the goal of expanding and preserving affordable and workforce housing,
“At a time when we are facing a national crisis in housing availability and affordability, we must mobilize our resources to develop and preserve housing in our communities,” said Raphael CesteroCEO of The Community Preservation Corporation, in prepared remarks.
By reaching beyond the traditional clientele of agencies to owners of multi-family rental properties in underserved communities, CPC Mortgage Company aims to preserve the stability and affordability of rental housing in neighborhoods where it is needed most, according to the press release.
“Cinnaire is acutely aware of the challenges many developers face accessing capital in the affordable housing industry, and we are committed to expanding access to financing that supports multifamily development in areas that need it most. “, said Marc McDaniel, president and CEO of Cinnaire, in prepared remarks. “It was a priority for us to partner with like-minded organizations, and we look forward to joining CPC and NEF in providing developers with expanded access to quality financial tools to build equitable communities.”
With a growing number of borrowers and institutional investors focusing on environmental, social and corporate governance (ESG) principles, CPC Mortgage Company offers to grow their mortgage money by supporting social equity in communities. . Revenues generated by CPC Mortgage Company will be invested in housing and community development across the country.
“At National Equity Fund, everything we do is in service of our mission to provide innovative and collaborative financial solutions to expand the creation and preservation of affordable housing,” said Matt Reilin, president and CEO of NEF, in prepared remarks. “Our joint partnership in CPC Mortgage Company presents a tremendous opportunity to provide non-profit, mission-driven supplemental capital solutions to developers to build and maintain safe, stable and affordable housing to help residents and communities to thrive in the long term.”
Emily Fu can be reached at firstname.lastname@example.org.