named programs · 8 · from sources
What they call their work
Bogopa / Food Bazaar BTM Supermarket
Leasehold fit-out of an 80,000 sq ft supermarket in a low-income NYC FRESH zone, providing healthy food access, SNAP/WIC acceptance, and over 100 unionized local jobs.
Brooklyn Navy Yard Building 127
Renovation of a 100,000 sq ft former shipyard building into light-industrial and creative office space, creating 300 permanent jobs and supporting small industrial tenants with affordable leases.
CitySquash Center
Development of a 15,000 sq ft headquarters in the Bronx offering squash, tutoring, mentoring, and college preparation for disadvantaged youth, expanding enrollment from 200 to over 500 students.
Community Healthcare Network Clinics
Development of new health clinics in underserved areas of Queens and Brooklyn, including a 15,000 sq ft clinic in Jamaica and a 9,500 sq ft FQHC in East New York, expanding patient capacity by thousands annually.
GrowNYC Bronx Point Food Distribution Center
A 60,000 sq ft fresh food hub in Hunts Point that increases food distribution capacity from 3M to 18M lbs annually, connecting upstate farmers with low-income NYC residents through healthy food access programs.
Hope House
Construction of a 16-bed alternative-to-incarceration facility in the Bronx for individuals with mental illness and substance use disorders, providing supportive housing and health treatment to reduce recidivism.
Madison Square Boys and Girls Club
Construction of a 50,000 sq ft youth center in Central Harlem with academic support, recreation facilities, and arts programming, serving up to 1,500 youth annually.
WeAct Environmental Justice Center
Renovation of a four-story building in Harlem to serve as headquarters for an environmental justice nonprofit, including office space, classrooms, and a community center focused on climate and equity advocacy.
activities · 5 groups
What they do
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Transparent Governance Meetings 1 activity
- Hosts public board meetingsConducts public board meetings that are open to community attendance, ensuring transparency in governance and operations.
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Non-Discrimination Compliance and Access Assurance 1 activity
- Implements equitable contracting policiesEnforces Living Wage, Prevailing Wage, HireNYC, and M/WBE requirements in its financed projects to promote equitable employment and contracting practices in low-income communities.
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Local Business Financing and Incentives 1 activity
- Provides New Markets Tax Credit financing for community development projectsMakes low-interest and forgivable loans and allocates New Markets Tax Credits to support real estate acquisition, construction, and renovation projects in low-income communities across New York City. The organization has allocated $255 million in tax credits, leveraging over $487.5 million in private investment across 21 projects since 2014, including developments in healthcare, education, food access, and industrial space.
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Nonprofit Capacity Building Services 1 activity
- Provides technical assistance for New Markets Tax Credit projectsOffers capacity-building support to organizations pursuing New Markets Tax Credit financing, including guidance on project structuring and resource development. Also forms and manages subsidiary LLCs certified as Community Development Entities to receive equity for low-income community investments.
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Uncategorized 1 activity
- Funds community development projects through New Markets Tax Credit allocationsAllocates federal New Markets Tax Credits to finance community development initiatives in low-income areas of New York City, including major renovations of cultural institutions like the Apollo Theater, construction of health clinics, and support for small business centers. These grants have leveraged over $508 million in private investment.
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financials · form 990 · fy2024
revenue
Total revenue$3.00M
Contributions & grants$00%
Program service revenue$2.66M89%
Investment income$341K11%
Other revenue$0
expenses
Total expenses$947K
Program expenses96%
Admin / overhead4%
Fundraising0%
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$10.95M
Cash$2.62M
Investments$8.31M
Liabilities$29K
Net assets$10.92M
Liquid reserves138.5 mo
7 years on record · 2018–2024 · YoY revenue -35.3%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 18
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| MARIA TORRES-SPRINGER | DEPUTY MAYOR | 1 | $288K |
| MEREDITH JONES | GENERAL COUNSEL/SECRETARY | 1 | $274K |
| JENNIFER MONTALVO | CHIEF OF STAFF | 1 | $265K |
| SPENCER HOBSON | TREASURER | 1 | $264K |
| MELISSA ROMAN BURCH | CHAIRPERSON | 1 | $241K |
| BRINDA GANGULY | EXECUTIVE DIRECTOR | 1 | $239K |
| JEANNY PAK | CHIEF FINANCIAL OFFICER | 1 | $237K |
| AMY CHAN | ASSISTANT TREASURER | 1 | $224K |
| FRANCISCO PINEDA | EXECUTIVE VICE PRESIDENT | 1 | $211K |
| SHIN MITSUGI | COMPLIANCE OFFICER | 1 | $209K |
| MELANIE MCMANN | SENIOR VICE PRESIDENT | 1 | $207K |
| MELISSA PUMPHREY | CHIEF ECONOMIST | 1 | $197K |
| MATTHEW FURLONG | SENIOR VICE PRESIDENT | 1 | $190K |
| JULIEANNE HERSKOWITZ | SENIOR VICE PRESIDENT | 1 | $188K |
| LESLIE ESCOBAR | ASSISTANT TREASURER | 1 | $170K |
| EMILY MARCUS | DEPUTY EXECUTIVE DIRECTOR | 1 | $167K |
| ERICH BILAL | VICE PRESIDENT | 1 | $143K |
| SABRINA LIPPMAN | SENIOR VICE PRESIDENT | 1 | $106K |
relationships · 30
Who they work with
- Accompany Capital Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- Asian Americans for Equality Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- Bedford Stuyvesant Restoration Corporation Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- Bogopa Service Corp. and Food Bazaar Supermarkets Partner — Provided financial assistance for renovations to a Food Bazaar supermarket in Ridgewood, Queens.
- BronxWorks Partner — Collaborated on local hiring initiatives for the Village Super Market project in the Bronx.
- Brooklyn Plaza Medical Center Partner — Recipient of $16.7 million New Markets Tax Credit allocation for new health care facility construction
- Chinatown Manpower Project Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- CitySquash Partner — Provided financial assistance for the construction of its new headquarters in the Bronx.
- Community Healthcare Network Partner — Partnered on the construction of health clinics in Jamaica and East New York.
- Greenburger Center for Social and Criminal Justice, Inc. Partner — Provided financial assistance for the Hope House project in the Bronx.
- Greenpoint Manufacturing Design Center Partner — Recipient of $10 million New Markets Tax Credit allocation for facility rehabilitation
- GrowNYC Partner — Partnered on the development of a fresh food distribution center in Hunts Point, Bronx.
- Hispanic Federation Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- Madison Square Boys and Girls Club Partner — Partnered on the development of a youth recreation and academic support center in Central Harlem.
- NYC Economic Development Corporation (NYCEDC) Partner — Collaborates with NYCNCC on identifying and channeling capital to qualified low-income community development projects in New York City.
- NYCEDC Government — Hosts NYCNCC board meeting information on its website and provides administrative support.
- NYCEDC Government — NYC Neighborhood Capital Corporation operates under the Strategic Investments Group of NYCEDC to administer New Markets Tax Credits.
- Neighborhoods for a Sustainable Future Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- New York City Economic Development Corporation Government — Manages NYCNCC as a Community Development Entity.
- New York City Economic Development Corporation Government — NYC Neighborhood Capital Corporation operates under the management and oversight of NYCEDC as part of its tax incentives portfolio.
- New York City Economic Development Corporation Government — Serves as parent organization; NYCNCC is its subsidiary
- New York City Industrial Development Agency Partner — Collaborates with NYCNCC under the broader NYCEDC umbrella to deliver tax incentives and financing tools for real estate development.
- NycEDC Government — Compliance coordination and oversight provided by NYCEDC Compliance department.
- Queens Economic Development Corporation Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
- The Apollo Theater Foundation, Inc. Partner — Recipient of $23 million New Markets Tax Credit allocation for theater renovation
- U.S. Department of the Treasury Government — Awarded $50 million in New Markets Tax Credits to NYCNCC in 2023.
- US Department of Treasury Community Development Financial Institutions (CDFI) Fund Government — Federal administrator of the New Markets Tax Credit program in which NYCNCC participates as a certified Community Development Entity.
- WE Act for Environmental Justice Partner — Partnered with NYCNCC to develop its new headquarters and community education center in Northern Manhattan.
- West Harlem Environmental Action, Inc. (WeAct) Partner — Provided financial assistance for the renovation of its headquarters in Harlem.
- Women's Housing and Economic Development Corporation Partner — Member of the Advisory Board of NYC Neighborhood Capital Corporation
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Equitable Contracting to Promote Inclusive Economic Developmentmethodology: equitable_contractingBy enforcing wage standards and inclusive contracting policies (e.g., Living Wage, M/WBE requirements), we ensure that economic development benefits are equitably distributed because these standards uplift worker pay and create access for historically excluded firms in public and subsidized projects.
- New Markets Tax Credit Leverage for Community Investmentmethodology: public-private financing via tax credit leverageBy leveraging federal New Markets Tax Credits, we attract private capital to finance community development projects in low-income areas because the tax incentive reduces risk for investors and enables below-market financing for high-impact projects in underserved neighborhoods.
- Sector-Targeted Investment in High-Impact Community Facilitiesmethodology: sector_targeted_investmentBy targeting investments in essential service sectors such as health centers, schools, and supermarkets, we strengthen community infrastructure because these anchor institutions generate sustained economic activity, improve quality of life, and support neighborhood revitalization.
- Split-Note Financing with Forgivable Debtmethodology: split-note financing with forgivable debtBy using a split-note loan structure with a partially forgivable component, we reduce borrower financial burden in low-income communities because the B-note forgiveness aligns repayment capacity with community stabilization timelines and promotes long-term project viability.