Joint Ownership Entity NYC (JOE NYC)

JOE is a joint ownership entity that acquires and asset manages affordable multifamily properties on behalf of member non-profit Community Development Corporations (CDCs) in New York City. The mission of JOE is to secure the long term viability of non-profit run affordable housing; increase the net cash flow available to members; and to make members more competitive in securing new affordable housing development opportunities. JOE NYC was created to consolidate ownership of CDC affordable housing projects into one entity of substantially greater scale. It is an initiative designed to reconcile the members’ desire to maintain local control with the need for scale in real estate. First and foremost, JOE NYC will serve as asset manager of its portfolio of properties, improving operating margins of contributed properties by achieving economies of scale through the bulk purchase of energy, goods, and services. JOE NYC will also have the balance sheet strength to refinance and recapitalize contributed CDC Projects without the need to joint venture with a for-profit partner. Similarly, JOE NYC will be able to use its balance sheet to act as a co-guarantor to its CDC members on new affordable housing developments. As of September 2021, eleven CDCs are members of JOE have committed to transfer to JOE more than 3,000 apartments in 45 affordable housing projects.