Michael Lappin, Key Force in Creating Affordable Housing for More Than Three Decades, to Retire from CPC

Lappin will continue to lead The New Domino project and has agreed to remain on at CPC during search for successor to assure a smooth transition

News Release New York, November 9, 2011 -- After leading the company for 31 years, Michael Lappin will be retiring as President and Chief Executive Officer of the Community Preservation Corporation (CPC) to pursue other opportunities.  He has agreed to stay on in his current role and work with CPC’s Board in the selection process for a successor and to assure a smooth transition. Mr. Lappin will also continue to shepherd the New Domino project forward so it can fulfill its promised benefits for the community and the city.

Mr. Lappin said, “It is with a deep sense of pride that I look at the extraordinary accomplishments of our company and its talented staff during my 31 years as President.” 

CPC has been a major force in creating affordable housing in New York City and across the state.  Since its founding in 1974 it has financed the preservation and development of nearly 147,000 affordable housing units involving public and private investments of approximately $8 billion.

CPC was a key player in preserving the city’s neighborhoods at a time when housing abandonment was devastating so many communities.  As the city’s economy rebounded, CPC played a lead role in rebuilding these abandoned areas and turning them into vital and vibrant neighborhoods.  Adapting to the needs of communities outside the city’s borders, CPC made a positive change in the lives of working families from Beacon to Buffalo.  It played an important role in restoring downtown centers in Yonkers, New Rochelle, Syracuse and elsewhere.

“We did not shy away from daunting problems, modernizing the deteriorating 12,271-unit Parkchester complex in the Bronx and rebuilding thousands of other properties, large and small, in the four corners of New York.  We formed strong and effective partnerships with state and local governments to create viable programs and a supportive regulatory environment.  We joined with community groups to help them meet their goals in rebuilding their neighborhoods.  We rescued financially and physically troubled moderate-income cooperatives, pioneered a ‘green’ financing program, and took on the development of the 11.2 acre Domino site on the Brooklyn waterfront.  And in a ground breaking program, we worked with the City and State public employee pension funds to engage their massive financial resources to support our preservation and development efforts,” Mr. Lappin said.

“Mike has been an effective, tireless and innovative leader who has built a potent agency which has transformed the lives of hundreds of thousands of low and moderate-income families,” said Michael Hegarty, Senior Advisor, CCMP Capital Advisors and Chairman of the Board of CPC.  “I have worked with Mike for many years and greatly appreciate his unique combination of perseverance and passion.  The city and state are better places because of him.  The Board and I wish him continued success in adding to his enduring legacy.”

Mr. Lappin added, “The next phase of CPC will be sustained by a solid foundation of accomplishment.  It has been a rare privilege to be in this position for more than three decades and to have built a company that has improved the lives of so many people.  I have had a singular opportunity of working with so many talented people across the state to sustain our neighborhoods and preserve our communities.  I want to thank Mike Hegarty and CPC’s directors, both present and past, as well as the many financial institutions that have provided support and resources for CPC’s growth and achievements over these many years.

“Of this I am certain. CPC has the inherent strength of its great professionals, participating institutions, directors, and valued community and government partners to continue and grow its mission to build and sustain communities.”