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A recent editorial from the NY Daily News lauded the idea behind LISC NYC’s newly launched New York Land Opportunity Program (NYLOP):
“A city starved for affordable housing needs groundbreaking ideas for salvation — like a new push to pair religious institutions that own land with developers who possess the financial, construction and management know-how to turn that real estate into new apartments at fair rents… With faith organizations owning countless properties throughout the five boroughs, [NYLOP is] an idea that, if broadly applied, can help transform the city,” wrote the NY Daily News editorial board.
A first-of-its kind program, NYLOP will help mission-driven organizations with limited real estate experience to create joint venture partnerships to develop affordable or supportive housing on their underutilized land. Five churches were selected for the pilot cohort:
Each church will receive pro-bono architectural, legal, and financial technical assistance to form joint venture partnerships to build affordable housing. The program will strengthen the churches’ ability to remain vital institutions in their neighborhoods, even as significant change is taking place around them. In addition to building affordable housing, the churches will continue offering community programs that address the needs of youth, seniors and those struggling with hunger, poverty and homelessness in their neighborhoods.
NYLOP Media Round-Up:
Thanks to our Partners!
NYLOP is a LISC NYC partnership with the NYC Department of Housing Preservation and Development and the Mayor’s Community Affairs Unit.
This program is made possible through the generous support of Booth Ferris Foundation, along with BankUnited, Deutsche Bank, M&T Bank, and Santander Bank.
Special thanks to our program partners: Goldstein Hall and Edelman Sultan Knox Wood / Architects.