NEW YORK CITY, NJ — The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization company, announced the creation of the $20 million 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 communities of color. “As a nonprofit whose mission it is to invest in housing to strengthen underserved communities, we’ve been having honest and difficult discussions about what else CPC can and should be doing to strengthen and support the minority developers and real estate entrepreneurs 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 minority entrepreneurs by providing funding, education and other resources to build their capacity to compete in the development industry, while targeting projects that bring high quality housing to communities of color.” The $20 million, which is fully funded by CPC, will be strategically allocated to address barriers to entry disproportionately experienced by people of color.
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