HPD’s Rafael Cestero Replaces Michael Lappin at CPC
NEW YORK CITY — Rafael Cestero, former commissioner of the city’s Department of Housing Preservation and Development (HPD), will take over the helm of the Community Preservation Corporation (CPC) — the firm that is developing the New Domino complex in Williamsburg — effective Jan. 17.
Michael Hegarty, CPC board chair, said he replaces Michael Lappin, who served as president and CEO of the non-profit organization and its for-profit development subsidiary, CPC Resources Inc., for 31 years.
CPC, which was created in 1974 to stem a tide of abandonment in the city, has financed the preservation and development of close to 144,000 affordable housing units involving public and private investments of approximately $8 billion, according to Hegarty, who notes that Cestero is the ideal candidate to head CPC, given his leadership role in the affordable housing field.