Housing nonprofits form trust to compete with investors

A new housing organization is trying to pool thousands of affordable apartments owned by nonprofits into a single trust, in a bid to make them more competitive with for-profit landlords. The organization, called Joint Ownership Entity or JOE NYC, plans to launch in the coming months. Nonprofits can contribute their properties to the trust and will get paid out returns from the apartments. The idea is that by pooling apartment management, nonprofits can save costs, … [more]