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NEW YORK (October 22, 2019) Earlier today, the JPMorgan Chase Foundation announced a $500,000 grant to LISC NYC to expand one of its flagship programs—the New York Land Opportunity Program (NYLOP)— which helps mission-driven organizations develop and preserve affordable housing on their land. Developed by LISC NYC, the program is a partnership with the New York City Mayor’s office and the New York City Departments of Housing Preservation and Development (HPD) and the New York City Department of Veterans’ Services (DVS), to address the city’s affordable housing shortage.
In addition to preserving and developing new affordable housing, the program strengthens the ability of mission-driven organizations to remain anchor institutions in their neighborhoods, even as significant change is taking place around them. In addition to building housing, the mission-driven organizations expect to continue offering community programs that address the needs of youth, seniors and those struggling with hunger, poverty and homelessness in their neighborhoods.
“We’re proud to support NYLOP’s mission of addressing New York City’s ongoing affordable housing crisis,” said Dave Walsh, Northeast Regional Manager for Community Development Banking, Chase. “It’s important for all industry players to work together to identify solutions for preserving and creating affordable housing. We’re dedicated to investing in programs like this and financing development projects that make a lasting impact on local communities.”
“NYLOP responds to the steep decline in available land for new affordable housing development at a time when New York City is experiencing a housing crisis. The program also addresses the issue that the city’s limited affordable housing stock is at risk of converting to market without a strategy for helping mission-driven organizations to preserve their housing. Many mission-driven organizations are committed to preserving and developing affordable housing, but need technical assistance with real estate finance to do so. We are tremendously grateful to JPMorgan Chase for partnering with us to meet this critical need,” said Interim Executive Director of LISC NYC, Eva Alligood.
LISC NYC’s NYLOP will provide participating nonprofits with free technical assistance to preserve and develop new affordable housing on their land, including architectural, legal and financing assistance.
“This administration is committed to supporting dedicated community organizations that so many New Yorkers depend on. Through NYLOP, we’re empowering this city’s faith-based and mission-based organizations to create the types of affordable housing that their neighborhoods need,” said HPD Commissioner Louise Carroll. “I look forward to our continued partnership with LISC NYC, and applaud them for their ongoing work to ensure the strength and vitality of our communities.”
“Congratulations to our partners at LISC and thank you to our friends at JP Morgan Chase! NYLOP has already done amazing work in our city. We celebrate this expansion because it will ultimately provide access to affordable housing to even more New Yorkers!” said Rev. Dominique Atchison, Executive Director of the NYC Center for Faith and Community Partnerships.
“The organizations who will benefit from this new funding have demonstrated a level of commitment to their communities’ veterans and families – a commitment that spans generations -- that simply cannot be overstated or fully appreciated,” said the New York City Department of Veterans’ Services Commissioner James Hendon. “With this grant, these long-standing neighborhood institutions will be able to modernize their facilities, generate new housing, and develop programming that meets the evolving needs of their communities. Our agency is extremely proud to be a part of this innovative and transformative program and look forward to deepening the bonds with the local veteran service organizations who want to make history with us.”
"NYLOP supports resilient community based organizations providing solutions to New York City’s critical housing challenges and serving as anchors in their neighborhoods. We greatly appreciate JPMorgan Chase’s generous investment which enables us to expand NYLOP's impact in the next chapter of the program,” said CEO of LISC, Maurice Jones.
The JPMorgan Chase grant announcement follows LISC NYC’s news about selecting its second NYLOP cohort in August—six nonprofit owners who will receive support to preserve their HUD 202 properties which house very low-income seniors. Earlier this year, LISC Bay Area, LISC San Antonio, and LISC Buffalo also announced that they will replicate NYLOP in their communities.
The original NYLOP cohort, selected in 2017, consisted of five churches across New York City who received comprehensive technical assistance to evaluate their land, create a development scenario and identify a developer partner through a request for proposals (RFP) process. After completing the program, four of the five organizations issued RFPs in March 2018, and of these groups, three have formed partnerships with developers—all to develop 100% affordable housing and community spaces.
About LISC NYC
LISC NYC supports local partners who invest in people and places in order to create a more equitable, inclusive, and sustainable New York City. We do this in three main ways: we provide financial and human capital to build the capacity of our partners and improve neighborhoods. We invest in affordable housing, businesses, and neighborhood assets to improve social, economic, and physical health. We amplify the voices of disenfranchised communities and advocate with them for policy solutions and resources.
Over the last 40 years, LISC NYC has invested over $2.7 billion in more than 75 New York City community development corporations (CDCs) and other local groups. With our support, these organizations have developed and preserved over 40,000 affordable homes, as well as 1.8 million square feet of retail and community space. In 2018 alone, LISC NYC closed $28 million in loans supporting over $280 million of investment in affordable housing and economic development & community facility projects.
For more information, visit www.lisc.org/nyc