“Community Capital New York has a wonderful, 30-year foundation in serving Westchester County and the Hudson Valley through its microlending and affordable housing efforts. We are poised for growth. I know that together with our partners, we can become even more impactful and expand our mission of wealth-building opportunities for the people in our community who need it most.” — Farshad Maltés, President and CEO.
We are thrilled to welcome Farshad Maltés, our new President and CEO, to the team!!
With more than 25 years of community and economic development experience, Farshad joins us as the second leader to hold the CEO role. Hailing from Wisconsin with a career rooted in community-based lending and partnership, Farshad brings forward a new vision and lending solutions to help us expand our mission and better meet our community’s needs. As a Puerto Rican, creating wealth-building opportunities for Communities of Color drives Farshad’s vision and work.
“There’s a real immediate need for more affordable housing in the Hudson Valley – after so many folks left New York City during the pandemic and moved upstate. Like us, Community Development Financial Institutions (CDFIs) will play an important role in meeting that need, especially for People of Color,” says Farshad.
Previously, Farshad served as Director of Strategic Business Development at the Wisconsin Housing and Economic Development Authority (WHEDA) in Madison. While at WHEDA, Farshad, built a $575 million portfolio of economic development financing utilizing New Market Tax Credits.
Most recently, Farshad spearheaded a pilot program to finance single-family mortgages with the Urban League of Greater Madison (ULGM). The result? 16 homeowners purchased their first homes and received financial counseling from ULGM to help develop long-term wealth building. Additional projects Farshad spearheaded include developing a nontraditional lending program—micro equity investing— that provided start-ups and small businesses in Wisconsin with a more flexible form of working capital. Farshad also developed a $700,000 pilot lending program with Legacy Redevelopment Corporation, providing PPP (Paycheck Protection Program) to minority businesses not served by traditional lenders.
Farshad brings with him many innovative ideas, and his immediate goals are centered around dramatically increasing wealth building and affordable housing opportunities for our community, especially Communities of Color. Most importantly, he hopes for us to be considered a “fabric of these communities.” He recognizes the power CDFIs hold in helping communities build wealth and is fully committed to our mission.
“I think that CDFIs can be a stepping stone for small businesses to develop the financial track record to be financed by conventional financial institutions eventually,” Farshad adds. “New York has always been a pioneer in supporting CDFIs.”
In addition to multiplying our impact, Farshad hopes to introduce many of his previous strategic economic development ideas to our lending and affordable housing efforts, like the introduction of a more start-up-friendly loan option and single-family mortgage financing.
We are excited about Farshad’s inspirational & visionary leadership and eager for all that’s to come in the next chapter together. Please join us in welcoming him as well! Read more about Farshad via his bio here. Share the news with your networks via the press release here. We also encourage you to connect with Farshad on LinkedIn.