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THE JOINT OWNERSHIP ENTITY NEW YORK CITY CORP
NEW YORK, NY · EIN 475044823 · Form 990 · FY2024 · NTEE L80 · Housing & Shelter · Micro (<$100K) · joenyc.org
revenue
$12K
expenses
$391K
net assets
$8.5M
employees
2
volunteers
13
program ratio
100%
mission · from form 990

THE PRIMARY PURPOSES OF JOE NYC ARE TO STRENGTHEN ITS MEMBERS' ABILITY TO DEVELOP, MAINTAIN, AND MANAGE AFFORDABLE HOUSING AND SERVE AS A VEHICLE TO MAINTAIN LONG-TERM AFFORDABILITY OF EXISTING AND FUTURE AFFORDABLE HOUSING UNITS IN SUPPORT OF THEIR MISSIONS AS COMMUNITY-BASED ORGANIZATIONS THAT ALIGN THEIR HOUSING DEVELOPMENT AND MANAGEMENT WORK WITH THE NEEDS AND RESOURCES OF THE COMMUNITIES SERVED AND FOCUS ON RESIDENT SERVICES AND SUPPORT.

profile · synthesized from sources

The Joint Ownership Entity New York City Corp (JOE NYC) is a 501(c)(3) nonprofit that enables community development corporations (CDCs) to pool ownership of affordable multifamily rental properties. It acts as an asset manager and co-guarantor, improving financial viability through economies of scale and stronger balance sheets. The organization preserves long-term affordability and strengthens member CDCs' capacity to develop and manage housing in New York City.

named programs · 3 · from sources

What they call their work

Asset Management
Manages contributed affordable housing properties to improve operating margins through economies of scale in energy, goods, and services procurement.
Balance Sheet Strength & Recapitalization
Provides financial strength to refinance and recapitalize CDC-owned properties without requiring for-profit joint ventures.
Co-Guarantor Program
Acts as co-guarantor for member CDCs on new affordable housing developments, reducing reliance on for-profit partners.
activities · 3 groups

What they do

  • Affordable Housing Development and Management 4 activities
    • Asset management of affordable multifamily rental properties
      Owns and serves as asset manager for a portfolio of affordable multifamily rental properties in New York City, improving operating margins through bulk purchasing of energy, goods, and services.
    • Capacity building for affordable housing development and management
      Strengthens member organizations' capacity to develop, maintain, and manage affordable housing units, supporting long-term affordability of existing and future properties.
    • Co-guarantorship for affordable housing development projects
      Acts as a co-guarantor on new affordable housing development projects for member CDCs, enabling development without joint ventures with for-profit partners.
    • Refinancing and recapitalization of affordable housing projects
      Uses its balance sheet strength to refinance and recapitalize existing CDC-owned affordable housing projects, preserving affordability without reliance on for-profit partners.
  • Policy Advocacy & Research 1 activity
    • Advocacy for community development organizations
      Advocates on behalf of member CDCs and the broader community development industry to advance policy and funding priorities.
  • Uncategorized 1 activity
    • Financing affordable housing developments
      Closed a $6M Fannie Mae affordable housing loan in partnership with CPC, Project FIND, and HPD to support affordable housing development.
financials · form 990 · fy2024
revenue
Total revenue$12K
Contributions & grants$00%
Program service revenue$7K58%
Investment income$5K42%
Other revenue$0
expenses
Total expenses$391K
Program expenses100%
Admin / overhead0%
Fundraising0%
Salaries & benefits$281K
Grants paid out$0
Largest expense lineCompensation
balance sheet
Total assets$9.91M
Cash$1.18M
Investments$4.19M
Liabilities$1.43M
Net assets$8.48M
Liquid reserves164.7 mo
3 years on record · 2020–2024 · YoY revenue -98.3%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 1
NameTitleHours/wkCompensation
STANLEY CELIUS EXECUTIVE DIRECTOR 40 $186K
board members · 13
  • EMILY KRUTZ — TREASURER
  • FRANK LANG — DIRECTOR
  • GREGORY ANDERSON — DIRECTOR
  • HOPE BURGESS — DIRECTOR
  • ISEMENE SPILIOTIS — DIRECTOR
  • JANICE BERTHOUD — DIRECTOR
  • JUAN RAMOS — DIRECTOR
  • MARK JENNINGS — VICE CHAIR
  • MICHELLE DE LA LUIZ — CHAIR
  • RABBI DAVID NIEDERMAN — DIRECTOR
  • RICHARD BROWN — DIRECTOR
  • TAKISIA WHITES — SECRETARY
  • THOMASINA WHITE — DIRECTOR
relationships · 7

Who they work with

  • CPC Partner — Collaborated with JOE NYC and other organizations to close a $6M Fannie Mae affordable housing loan.
  • Community Development Corporations Network — Non-profit CDCs are member organizations that contribute affordable housing properties to JOE NYC and retain governance rights.
  • HPD Government — Partnered with JOE NYC and other organizations to close a $6M Fannie Mae affordable housing loan.
  • LISC NYC Network — Recognized JOE NYC with the Innovation of the Year award at its 2017 Big Apple Awards.
  • Project FIND Partner — Collaborated with JOE NYC and other organizations to close a $6M Fannie Mae affordable housing loan.
  • St. Nicks Alliance Partner — Collaborated with JOE NYC on nonprofit stewardship initiatives in North Brooklyn.
  • prominent New York City Community Development Corporations Partner — Founding members and participating organizations in JOE NYC
strategies · 3

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.

  • Capacity Building for Community Development Corporations
    methodology: capacity_building_network_model
    By strengthening the organizational and management capacity of community development corporations (CDCs), we improve their financial stability and ability to manage affordable housing, because empowered local organizations are better positioned to align housing development with community needs and ensure long-term affordability.
  • Collective Financial Power for Affordable Housing
    methodology: collective_balance_sheet
    By aggregating ownership and leveraging a collective balance sheet, we reduce operational costs and strengthen development capacity, because economies of scale and shared financial strength enable nonprofit organizations to act more like for-profit developers while maintaining mission alignment and long-term affordability.
  • Community Ownership for Neighborhood Stability
    methodology: community_ownership
    By implementing community ownership models, we stabilize neighborhoods and prevent displacement, because locally rooted ownership structures align development incentives with long-term community well-being rather than short-term profit.