CPC Creates New Position of Chief Information Officer

PROMOTES THREE KEY STAFF MEMBERS

New York, September 22, 2010—The Community Preservation Corporation (CPC) has announced the promotions of three key staff members. Christopher O’Keefe has been promoted and assigned to the newly created position of Chief Information Officer. CPC has also promoted Andrew Giglio to Mortgage Officer in CPC’s Bronx Office and Danielle McCombs to the position of Neighborhood Mortgage Officer in CPC’s Brooklyn Office.

Michael Lappin, President and CEO of CPC said, “Christopher O’Keefe’s promotion recognizes his growth as a manager and the new value he now furnishes to CPC, as well as to our development arm, CPC Resources. He played a major role in the technological transformation of the company over the past two years.”

Mr. O’Keefe was formerly Director, Information Management and Security at CPC. In his new role, he will partner with other senior executives to clarify their needs, and devise solutions in a cost effective manner. He chairs the committee of senior executives that reviews and approves software enhancements requested by employees.

The position of Chief Information Officer at CPC became necessary due to the company’s increasing technological advancements. Mr. O’Keefe and his team are helping CPC take significant steps in the areas of IT Governance, Change Management and Financial Management that align the company with IT best practices. The creation of this position demonstrates the greater focus of CPC’s IT department on delivering business solutions.

John M. McCarthy, Executive Vice President and Chief Operating Officer said, “In these challenging economic times, all corporations must be innovative, nimble, and have the capability to react quickly to market conditions. All three of our highly valued staff richly deserve their promotions because they have shown the leadership qualities and talent that these times demand.”

“I am excited to take on my new role with CPC and to help improve upon the services we provide while keeping costs down,” said Mr. O’Keefe.

Mr. O’Keefe joined CPC in 1996 as an Intern at CPC Resources, CPC’s Development arm. Throughout the years, he has grown at CPC and held positions as Webmaster, Information Security Architect and Director, Information Management and Security. He holds a BS degree from Cornell University.

Additionally, Andrew Giglio has been promoted to Mortgage Officer in CPC’s Bronx Office. In this role, he will work to originate construction and permanent loan business in the Bronx and Harlem. Mr. Giglio will also be responsible for solidifying contacts with local realtors, contractors, financial advisors, and other referral sources as well as meeting with all potential borrowers and inspecting all properties for requested financing.

Prior to his promotion, Mr. Giglio was a Neighborhood Mortgage Officer as well as a Senior Closing Coordinator at CPC where he supervised a staff of five closing coordinators. Earlier, Mr. Giglio was a Loan Administrator with CPC. He holds a degree in General Business from Iona College.

Also, Danielle McCombs has been promoted to the position of Neighborhood Mortgage Officer in CPC’s Brooklyn Office. Ms. McCombs has been Brooklyn’s Assistant Mortgage Officer for two years, having previously worked for CPC’s Small Building Loan Program and in CPC’s Closings Department. As Neighborhood Mortgage Officer, she will have an opportunity to continue to make significant contributions to CPC’s mission.

Ms. McCombs holds a degree in Political Science from The University of Delaware and a Masters of Real Estate from New York University.

Since its founding in 1974, CPC has invested more than $7.4 billion in nearly 140,000 units of housing.