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  • Comment Detail

  • Date: 07/28/23
    First Name: Emily
    Last Name: Klein
    Email: eklein@communityp.com
    Organization Type: other
    Organization: The Community Preservation Corporation

  • Comment

    The Community Preservation Corporation (CPC) is a nonprofit corporation specializing in multifamily finance that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable housing, advance diversity and equity within the affordable housing development industry, and add sustainability measures to the multifamily housing in order to lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. CPC is a carbon-neutral company and has been rated AA- by S&P.

    Along with the National Equity Fund and Cinnaire, CPC co-owns and operates CPC Mortgage Company LLC, a subsidiary of CPC and a first-of-its-kind partnership of impact driven, nonprofit mortgage lenders and investors. CPC Mortgage Company is pushing the industry forward to develop and implement innovative new models, and leverage our industry expertise to drive social impact particularly in affordable multifamily communities. CPC Mortgage Company is the only nonprofit multifamily mortgage lender with multiple licenses with Freddie Mac, Fannie Mae, the US Department of Housing and Urban Development (HUD), and the Federal Housing Authority (FHA).

    In the attached comments, we outline what we believe to be reasonable, common sense tenant protections that balance the responsibilities of property owners and renters. We urge FHFA to prioritize this balance first and foremost as overcorrections in either direction can send negative shocks through the housing system.