Non-profit developers are joining forces to increase their buying power in the pricey New York housing market.
Affordable housing groups in New York are pooling properties under the control of a new member organization, JOE NYC, to help them "get an edge" in the real estate market, Oscar Perry Abello reports for Next City.
Community-based non-profit developers have had a heavy hand in creating and preserving affordable housing in New York since the 1970s, the article notes: Over the past 25 years, they've helped procure 120,000 affordable units in the city.
Today, these developers are faced with an increasingly expensive real estate market and the potential for currently affordable properties to "fall out" of the Low-income Housing Tax Credit incentive program. Joining forces under the JOE NYC umbrella could help them preserve and add to their existing portfolios as well as undertake new construction.
By pooling properties in JOE NYC, the nonprofits can start to combine their buildings in that way to get the bigger loan together, instead of trying for a bunch of smaller loans they might not be able to afford.
On the new construction front, JOE members hope they can partner with community-based nonprofit developers in going after requests for proposals from city agencies for new affordable housing developments — and beat out for-profit developers.
JOE currently has ten member organizations, and expects to build a portfolio of at least 3,000 affordable units over the next year.
FULL STORY: Nonprofits Join Up to Increase Affordable Housing Heft
New York City Council Wants Community Engagement to Lead Affordable Housing Development
New York Mayor Eric Adams and City Council Speaker Adrienne Adams have proposed very different responses to the city’s lack of affordable housing.
New York Residents Support Affordable Housing, Survey Says
Contrary to the dominant narrative about the negative perceptions of affordable housing projects among the public, a recent survey reveals widespread support for affordable housing in the New York-New Jersey-Connecticut metropolitan region.
What Is ‘Affordable Housing’?
For such a commonly used term, “affordable housing” means a lot of different things to different people and in different contexts.For such a commonly used term, “affordable housing” means a lot of different things to different people and in different contexts.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service