The Joint Ownership Entity (JOE) is a non-profit member organization that owns and manages affordable multifamily housing properties on behalf of participating community housing organizations.

JOE is working with the NYC Department of Housing Preservation and Development (HPD) to renovate 34 buildings in upper Manhattan and the Bronx that are owned by the Ecumenical Community Development Organization (ECDO) and the Community Assisted Tenant Controlled Housing (CATCH). The renovations will significantly increase the buildings’ energy efficiency and provide more comfortable living environments, while preserving affordability for low-income renters earning up to 80% of area median income (AMI).

The JOE Predevelopment Loan, NYCEEC’s largest Green Predevelopment Loan to date, will fund Integrated Physical Needs Assessments (IPNAs) for all 34 buildings (total of 386 units). The IPNAs will identify energy and water efficiency measures to be incorporated into the rehabilitation work financed by HPD. In connection with the NYCEEC funding, JOE has agreed to pursue cost-effective energy-efficiency measures identified in the IPNAs.  Remaining NYCEEC loan funds may be used to pay other eligible predevelopment costs as they arise, such as architectural or engineering design work.

As soon as the project receives construction financing from HPD, the NYCEEC Green Predevelopment Loan will be repaid from proceeds. This model allows JOE and its member organizations to undertake critical energy efficiency upgrades while preserving the buildings’ limited maintenance reserves.