The Joint Ownership Entity New York City Corp., (known as JOE NYC) is the formation of a new, consolidated housing entity that will jointly own and oversee portfolios of over a dozen New York City community development corporations, comprising, within the first few years of operation, some 3,000 to 3,500 units of affordable housing. This new 501(c)(3), not-for-profit corporation, is being founded by a group of prominent New York City Community Development Corporations in response to a set of challenges confronting New York City’s affordable housing stock and low and moderate income communities, and, in particular the nonprofit community.
JOE NYC is designed to strengthen the asset and property management capacity and outcomes of participating CDCs and the industry as a whole; to bolster the cash flow and balance sheets of participating CDCs; to enhance the ability of CDCs to secure financing for their development projects; and to help ensure the long-term affordability of the properties in its portfolio and the stability of the communities within which they are located.
Goldstein Hall created the legal concept of the JOE NYC. In working with multiple CDCs, Goldstein Hall had to create a legal entity which functioned ably, protected CDCs local control, distributed profits without tax implications to either the entity or the members, and maintained a nonprofit mission. The JOE NYC is similar in concept to a real estate investment trust (REIT) but maintains as its core mission the maintenance of permanent affordability of affordable housing. Goldstein Hall has created the membership agreement, by-laws and corporate documents for the administration of JOE NYC. Now, serving as general counsel, Goldstein Hall is responsible for handling all corporate and real estate matters, as well as the any real estate transactions for the acquisition and incorporation of the properties into the JOE NYC.
- Developed JOE NYC’s board and corporate structure guidelines
- Assisted JOE NYC in applying for its 501(c)3 status
- Developed term sheets to indicate roles and responsibilities of JOE NYC’s members
- Created JOE NYC’s ownership structure for the group’s affordable housing portfolios
JOE NYC honored for Innovation of the Year at the LISC 2017 Big Apple Innovation Awards.