The Community Preservation Corp., or CPC, is one of the city's largest private partners in this mission and is the developer of the Domino Sugar...
The Community Preservation Corp., or CPC, is one of the city's largest private partners in this mission and is the developer of the Domino Sugar project. The corporation, a consortium of over 80 banks and insurance companies, receives city subsidies for affordable housing while also profiting from private market-rate real estate investments.
CPC's record of investment in Brooklyn raises some disturbing questions about the results of these development practices. Despite the corporation's image as a developer of affordable housing, analysis of the city's public ACRIS property records reveals that since 2007, more than 65 percent of the $701 million invested in Brooklyn (including new loans and refinancing), have gone to market rate development. CPC has invested with some of Brooklyn's most notoriously unethical – and in some cases criminal -- luxury developers. The investment in the luxury market is concentrated on the frontier of gentrification in neighborhoods like Williamsburg, Clinton Hill, South Park Slope and Prospect Heights.
Leadership & Staff