M id A tlantic Real Estate Journal — Financial Digest — October 16 - 29, 2020 — 15A
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F inancial D igest
EW YORK CITY, NJ — The Commu- nity Preservation ACCESS will create opportunities for minority-owned businesses in real estate CPC announces $20 million ACCESS initiative to empower minority real estate entrepreneurs N gage officer in CPC’s NewYork City Originations office, has been named senior vice presi-
goal of promoting and enabling greater racial diversity, equity, and inclusion in the industry,” said Lawrence Hammond. “I am excited to lead this initiative at this particular time in our na- tion’s history and at an organiza- tion where meeting the capital needs of underserved communi- ties is at the core of its mission. When our industry reflects the diversity of our neighborhoods, we will all be stronger for it.” CPC was founded in NYC in 1974 to be a source of stable capital and a resource to under- served communities impacted by blight and abandonment
minister who advises local faith-based organizations on using their real estate assets for affordable housing to fur- ther serve their communities. The ACCESS team will estab- lish operations and processes, market the program, create the training and capacity- building curriculum, originate loans, and evaluate progress and impact. “ACCESS will provide finan - cial resources and capacity building opportunities to real estate entrepreneurs of color his- torically challenged in the real estate marketplace, with the
during a time when other in- stitutions either couldn’t or wouldn’t invest in them. A significant amount of this work has been in black and brown communities that have long suf- fered from institutional racism and neglect. ACCESS was born out of the conversations within the company, in the wake of the COVID-19 outbreak and the Black Lives Matter and social justice movements, about what CPC can and should be doing beyond its traditional lending work to create more equity and opportunity in the communities it serves. MAREJ
dent, director of ACCESS and will lead a ful l - t ime team dedi - cated to roll- ing out and o p e r a t i n g A C C E S S . H a mm o n d has decades
Corporation (CPC) , a lead- ing nonprofit a f f o r d a b l e housing and c ommu n i t y revitalization company, an- nounced the c r ea t i on o f the $20 mil-
Rafael Cestero Lawrence Hammond
of experience in finance and multifamily lending, as well as community relations and engagement as an ordained
lion CPC Acquiring Capital and Capacity for Economic Stability and Sustainability (ACCESS) initiative that will provide flexible capital to create opportunities for people of color in real estate development and prioritize investment in com- munities of color. “As a nonprofit whose mis- sion it is to invest in housing to strengthen underserved com- munities, we’ve been having honest and difficult discussions about what else CPC can and should be doing to strengthen and support the minority de- velopers and real estate entre- preneurs who work, live, and build in those communities,” said Rafael Cestero , president and CEO of CPC. “ACCESS was created with the explicit goal of empowering Black and minor- ity entrepreneurs by providing funding, education and other re- sources to build their capacity to compete in the development in- dustry, while targeting projects that bring high quality housing to communities of color.” The $20 million, which is fully funded by CPC, will be strategi- cally allocated to address barri- ers to entry disproportionately experienced by people of color. This includes: • capacity building programs such as borrower training and financial literacy that helps first time entrepreneurs navigate the development process; • subordinate soft debt and recoverable grants to fill gaps where subsidies are unavail- able or limited; • predevelopment and acquisi - tion loans that enable those with lower upfront capital to compete in the market; • construction and permanent debt capital for projects smaller than those usually financed with conventional CPC prod- ucts; and • equity in initiatives and alter - native financing vehicles for part - ners in targeted communities. Lawrence Hammond , cur- rently vice president andmort-
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