Added Rafael E. Cestero, CEO of The Community Preservation Corp.: “At a time when we are facing a national housing availability and affordability crisis, we need to marshal our resources to expand and preserve housing in our communities. When we originally launched CPC Mortgage Company, our goal was to use our unique experience as a non-profit lender to reach multifamily owners who either didn’t have access to Agency products or didn’t have the technical expertise needed to take advantage of them.
“We’re extremely pleased to have two mission-aligned companies like Cinnaire and NEF joining us to help expand our impact and ability to reach the owners and communities that are most in need.”
Mark McDaniel, president and CEO of Cinnaire, spoke to the need for affordable housting: “Cinnaire is acutely aware of the challenges that many developers face in 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,” he said.
“It was a priority for us to partner with organizations with the same mission and we are looking forward to joining CPC and NEF in providing developers expanded access to quality financial tools to build equitable communities.”
Matt Reilein, president and CEO of NEF, further spoke of the need for affordable housing: “At National Equity Fund, everything we do is in service of our mission to deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing,” he said.