On November 2, 2020, the Grunin Prize for Law and Social Entrepreneurship winner was announced and Goldstein Hall was selected as this year’s recipient. This prize recognizes lawyers’ participation in the ways in which business is increasingly advancing the goals of sustainability and human development, and rewards the innovation and potential impact of projects and solutions developed by lawyers to advance the fields of social entrepreneurship and impact investing.
Our team provided legal advice to support the creation of the joint ownership entity or “JOE,” a nonprofit membership organization that owns and manages a portfolio of affordable multifamily properties contributed by community development corporations (CDCs). The JOE is a new model for preserving the long-term affordability of housing by allowing CDCs to collaborate in a joint ownership and management structure to achieve scale through increased financial stability, improved operational efficiencies, and reduced expenses. The first JOE is spearheaded by some of NYC’s leading CDCs.
“In this post-pandemic economy, nonprofit CDCs’ services and expertise are in greater demand, yet they have less access to the resources needed to create and maintain affordable housing. The JOE is a viable model for strengthening mission-driven organizations, pooling their resources, and keeping affordable housing affordable for residents who need it most,” said David Goldstein, managing partner, Goldstein Hall. “We’re incredibly honored and grateful to the Grunin Prize and the Grunin Center for Law and Social Entrepreneurship at NYU School of Law for recognizing the JOE and the role lawyers play in advancing social entrepreneurship and impact investing.”
It is a great honor to win the Grunin Prize, and we are delighted that we were able showcase the JOE NYC model. For additional information about this special initiative, click here to read more.