Who We Are > CPC History

CPC's Origin

In 1972, a report undertaken for the New York Clearing House Association analyzed the city's problems of housing deterioration and abandonment. It recommended creation of an organization to improve specific neighborhoods.

The resulting non-profit New York City Community Preservation Corporation, as it was initially called, was incorporated in July of 1974.

The city's leading commercial banks, under the leadership of David Rockefeller, later joined by the major savings banks under the leadership of Alfred Mills, committed to the necessary financial support. The banks provided funding via two Subscription Agreements for capital contributions, a Revolving Credit Agreement and a Collateral Trust Note Purchase Agreement.

Since 1979, CPC has been self-sufficient. Its success has attracted more investors, including pension funds and secondary market institutions.