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For Immediate Release
May 16, 2006 |
Contact: Patricia Dashiell
(202) 895-8900 |
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Foundation Backs Affordable Housing Committment
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Fannie Mae Foundation awards Community Preservation and Development Corporation $250,000 toward housing production efforts
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Washington, DC – For the third consecutive year, the Fannie Mae Foundation awarded a grant to affordable housing developer Community Preservation and Development Corporation (CPDC) in pursuit of its mission. This year, CPDC was awarded $250,000.
“The Fannie Mae Foundation has a special commitment to improving the quality of life for the people of our hometown of Washington, D.C.,” said Stacey D. Stewart, president and CEO, Fannie Mae Foundation. “That’s why we support organizations like CPDC that focus on the production and preservation of affordable homes for District residents in the lowest income brackets.”
Both the Fannie Mae Foundation and CPDC focus their efforts on increasing the supply of safe, decent, and affordable homes; the Foundation focuses on the whole nation and CPDC concentrates on the mid-Atlantic region. The Foundation’s focus on the District also includes other initiatives such as supporting systemic education reform in the city.
CPDC was founded on the belief that responsible affordable housing owners should make an investment in the community as a whole rather than just shoring up the bricks and mortar and that such an investment would help ensure the enduring asset of the redevelopment. Currently, the organization has over 3,800 units in 26 properties, across 12 cities in the mid-Atlantic region. At a majority of these sites, residents have the opportunity to engage in educational and empowerment programs.
“The financing of affordable housing has become increasing complex, requiring developers to layer financing and employing a significant level of creativity to lay a foundation for long-term viability given the restrictions often associated with public and private housing financing,” stated J. Michael Pitchford, CPDC’s President and CEO. “Therefore, it is absolutely vital to the health of the industry that foundations and other funders show their commitment to preserving affordability by granting monies for capacity building and operations.”
One of CPDC’s goals is to double its portfolio by 2010. In pursuit of this goal, the organization recently purchased Parkside Terrace in Southeast, looking to bring these 318 empty units back on-line. The Fannie Mae Foundations’ funds will help us build our development team to continue addressing the shortage of affordable housing in this region.
In the past year, CPDC has finished two developments where complex financing allowed for sustainability and the opportunity for residents to eventually own their homes in areas threatened by gentrification, Island Walk in Reston, VA and 1330 Seventh Street in the District. Both redevelopments have also won awards as models of collaboration with residents, governments, and financiers to preserve affordability.
This summer will mark the opening of the Wiley H. Bates Memorial Complex in Annapolis, Maryland, where CPDC worked with Anne Arundel County to combine affordable housing and historic preservation. This adaptive reuse project has added 71 units of affordable housing for seniors, as well as created community space for a new Boys and Girls Club and a seniors community center.
CPDC is also in predevelopment on another property in Southeast and one in Montgomery County that represent nearly another 1,000 units.
“Funding from the Fannie Mae Foundation has been pivotal in supporting our preservation work. We appreciate the additional investment they have made in CPDC and their commitment to the industry,” said Pitchford.
CPDC is committed to continual evaluation of the relevancy and outcomes of its work. While CPDC’s work has been based on previous resident assessments, best practices, and periodic evaluations, the organization has recently adopted an operating model that will put resident needs assessment and regular outcomes in a loop that will continually measure efficacy and impact on the communities. |
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| CPDC's mission is to develop vibrant communities through innovation and partnerships. To accomplish this, CPDC creates and preserves financially sound, socially responsible affordable housing for low- and moderate-income individuals and families and, in cooperation with community residents, develops community programs that strengthen communities and increase opportunities for growth. |
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