“CPC’s importance to the affordable housing sector is enormous,” said HPD Commissioner Vicki Been. “The fact that so many partners joined together to create this revolving fund demonstrates that CPC is seen as a lynchpin in communities around the city, and proves that they have earned our renewed faith in their fiscal strength as an organization. HDC led the way in spurring this reinvestment by leveraging its resources to keep the momentum going. Our commitment to strong partners like CPC is testament to how much this administration cares about and values its affordable housing stock.”“For decades, CPC has been a central fixture and major force in New York City’s affordable housing landscape, and has always been a strong partner to HDC and the City of New York,” said HDC President Gary Rodney. “HDC has earned its reputation as a strategic, creative financial partner in affordable housing, and we are proud to have been an early participant in the establishment of this revolving credit facility. We are grateful for the leadership and financial commitment that Citi, the Comptroller, and all the lenders have in CPC and in the creation of affordable housing here in New York. We are all thrilled to be in a position to help CPC continue to create and preserve affordable housing in our city’s neediest neighborhoods.” “A stable housing base is critical for communities to thrive. Over the past four decades, CPC has made affordable housing a reality for countless individuals and families in some of the city’s most underserved neighborhoods, and this partnership will significantly expand on those efforts,” said Jeff Barker, Bank of America New York City president. “Wells Fargo is proud to have made a $50MM initial commitment to reinvigorate CPC’s lending activity, which supports the Mayor’s ambitious Housing New York plan and meets a critical need for capital to build and preserve low and middle income homes throughout New York State,” said Alan Wiener, Group Head, Wells Fargo Multifamily Capital. “Supporting organizations like CPC and affordable housing leaders like Rafael Cestero complements Wells’ ongoing partnerships and major investments in debt, enhancement and tax credit equity to help meet New York’s unmet need for affordable housing.” “As a leading investor in the Community Preservation Corporation since its inception in 1974, Deutsche Bank is pleased to be able to grow its support of CPC and further its mission of providing capital for the development and preservation of affordable housing in New York City. CPC will play an essential role in efficiently aggregating private capital and aligning it with public resources to advance Mayor de Blasio’s ambitious but critically important 200,000 unit Housing New York plan,” said Gary Hattem, Managing Director, Community Development Finance Group, Deutsche Bank.