NEW YORK CITY—Rafael E. Cestero, former Commissioner of the New York City Department of Housing Preservation and Development, has been named by the Community Preservation Corporation (CPC) Board of Directors to serve as President and CEO of the non-profit organization and its for-profit development subsidiary, CPC Resources, Inc.

Cestero succeeds Michael Lappin, who announced his retirement last November after leading the company for 31 years. CPC, created in 1974 to stem a tide of abandonment in New York City, has financed the preservation and development of nearly 144,000 affordable housing units involving public and private investments of approximately $8 billion. Cestero’s appointment is effective January 17th.

Cestero was appointed by Mayor Michael R. Bloomberg as Commissioner of the New York City Department of Housing Preservation & Development (HPD) in February of 2009 and served as Commissioner until April 2011. As Commissioner, Rafael launched a number of important initiatives, including the updated New Housing Marketplace Plan, a $750 million initiative to stabilize distressed multi-family properties and a Proactive Preservation Program.

Prior to being appointed Commissioner, Cestero served as the Deputy Commissioner of Development at HPD from 2004-2007 and worked for Enterprise Community Partners for 15 years in key leadership positions, including director of New York programs, and most recently as senior vice president and chief program officer for the national Enterprise Community Partners.