Rafael Cestero, CEO of Community Preservation Corporation, Honored for Leadership in Affordable Housing
- Apr 17, 2013
New York—As part of a Cornell University summer field study, Rafael Cestero spent a semester at the Enterprise Foundation in New York City (now Enterprise Community Partners).
Cestero began his career at Enterprise Community Partners and rose during his 15-year tenure to become Director of New York Programs and Chief Program Officer. In 2004 he became Deputy Commissioner of Development at the New York City Housing and Preservation Department (HPD), and in 2009 was appointed Commissioner of HPD. He was instrumental in the implementation of Mayor Bloomberg’s New Housing Marketplace Plan to finance the creation or preservation of 165,000 units of affordable housing by 2014, as well as HPD’s $750 million initiative to stabilize distressed multifamily properties across New York City.
In 2011, Cestero became managing director of L+M Development Partners, and in 2012 he became the president and CEO of The Community Preservation Corporation and its for-profit development subsidiary, CPC Resources, Inc. Since its founding in 1974, CPC has financed the preservation and development of more than 145,000 residential multifamily units in NY State, involving public and private investments of approximately $8 billion.
Since 1979, North Star Fund has awarded $41 million to 1750 community group –from grassroots activists fighting for better housing, to citywide movements to protect civil rights. North Star Fund is launching Activism’s Future, a $7 million campaign to build a robust movement to close the chasm between New York City’s richest and poorest citizens.