Housing nonprofits form trust to compete with investors

JOE NYC would launch in the next few months

New York /
Feb.February 22, 2017 06:15 PM

A new housing organization is trying to pool thousands of affordable apartments owned by nonprofits into a single trust, in a bid to make them more competitive with for-profit landlords.

The organization, called Joint Ownership Entity or JOE NYC, plans to launch in the coming months. Nonprofits can contribute their properties to the trust and will get paid out returns from the apartments.

The idea is that by pooling apartment management, nonprofits can save costs, increase their income, and ultimately buy more units, Crain’s reported.

“JOE NYC’s benefits come from scale,” the organization’s executive director Peter Madden told Crain’s. “What groups are really getting is our ability to manage the assets of this citywide portfolio.”

JOE plans to take over 3,000 units across 50 buildings. Next Week, nonprofit St. Nick’s Alliance plans to buy a 248-unit portfolio in partnership with JOE.

The Department of Housing Preservation and Development is on board with the idea.

“I have been looking for something like this to happen for a very long time,” deputy commissioner Anne-Marie Hendrickson told the publication. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Assembly member Pamela Hunter and Sen. Julia Salazar (Facebook, Getty)
Next up: Coalition pushes for good cause eviction
Next up: Coalition pushes for good cause eviction
Triangle Junction at 2201 Nostrand Ave (Google Maps, Getty)
Aldi signs lease for 20K-sf store in Flatbush
Aldi signs lease for 20K-sf store in Flatbush
Greg Norman with 382 South Beach Road and 12227 Tillinghast Circle (Getty, Shawn Hood Media, Google Maps)
Greg Norman picks up Palm Beach Gardens manse after selling Jupiter Island estate for $55M
Greg Norman picks up Palm Beach Gardens manse after selling Jupiter Island estate for $55M
Texas courts ignore federal ban on evictions
Texas courts ignore federal ban on evictions
Texas courts ignore federal ban on evictions
An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
Boston Properties moves forward with teardown of ex-MTA HQ
Boston Properties moves forward with teardown of ex-MTA HQ
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...