Owners launch fund to keep New Yorkers in their homes
Posted On May 14, 2020
Some of the city’s largest property owners have created a new fund to help keep vulnerable New Yorkers impacted by the Covid-19 crisis in their homes.
Called Project Parachute, the fund has been launched with $4 million in contributions from companies including LeFrak, Durst, Resnick and Rose.
“The Coronavirus pandemic has had a devastating impact on New York. As we continue to navigate these uncertain times, the real estate industry is focused on helping those in need,” said James Whelan, president of the Real Estate Board of New York, which is supporting the fund’s efforts.
“Project Parachute will provide organizations with more resources to provide more vulnerable tenants with rental assistance counseling to help ensure more New Yorkers can safely stay in their home. This is a step in the right direction and REBNY is proud to work with this coalition to help vulnerable New Yorkers.”
When Gov. Cuomo lifts the state’s eviction moratorium, thousands of New Yorkers are going to be faced with intense pressure to settle outstanding rents and a social support system completely overwhelmed by the magnitude of the coronavirus crisis.
Project Parachute aims to address both of those issues- landlords are pledging to work directly with their own tenants to keep them in their homes and donating millions of dollars to fund front-line social service workers providing rental assistance counseling that will be available to any New Yorker.
The philanthropic fund will be independently coordinated and managed by Enterprise Community Partners, a nonprofit organization focused on affordable housing.
Enterprise will in turn directly grant philanthropic dollars to experienced human services nonprofits across the city, enabling them to reach more low-income New Yorkers impacted by Covid-19.
The Project aims specifically to reach those who have limited or no access to government resources, including undocumented immigrants and shadow economy workers. The Project also seeks to support those New York City communities hit disproportionately hard by the Covid pandemic, including Black and Latino communities.
“We have one common purpose in this moment: keeping New Yorkers in their homes,” said Judi Kende, vice president and New York market leader of Enterprise Community Partners.
“Project Parachute is one of many steps needed towards providing vital resources to tenants, especially the unserved and underserved. Partnership between the public, private, and nonprofit sectors is critical, and we are thankful for the commitment of the nonprofits and property owners taking part in this important initiative. And as we now face one of the biggest economic, health, and housing crises in our lifetime, we commit to advocating for additional solutions, including federal funding for comprehensive rental assistance that will help ensure ongoing housing stability for both tenants and property owners.”
In addition to making a philanthropic donation to support the rapid scaling-up of community-based rental assistance counseling, each property owner-member of Project Parachute has pledged to:
Work with tenants impacted as a result of COVID on an individual basis to establish payment plans and waive fees with an emphasis on housing stability and keeping tenants in place in their homes;
Proactively communicate with and connect tenants to community-based rental assistance and counseling services.
“In a time of crisis when some are advocating the tired, old rhetoric of landlord versus tenant, it is heartening to see this broad coalition of housing providers working together to offer real assistance and hope to our city’s most vulnerable tenants,” said Rafael E. Cestero, President & CEO of The Community Preservation Corporation.
“This assistance will help keep families in their homes and provide for the support and other services that can bring stability and peace of mind during these unprecedented times.”
“As we continue to advocate for comprehensive federal rent relief, NYSAFAH members are working tirelessly with public and private partners on additional steps to protect residents impacted by the COVID-19 crisis,” said Jolie Milstein, president and CEO of the New York State Association for Affordable Housing. “Project Parachute is an incredible team effort that will help keep New Yorkers in their homes and deliver much-needed resources to non-profits and service providers that are so crucial to sustaining our communities at this challenging time.”
Philanthropic funders, nonprofit and industry supporters of Project Parachute include:
Anonymous Property Owner
A&E Real Estate
Artimus Associates LLC
Beam Living, a Blackstone portfolio company
Benenson Capital Partners
Building Construction Trades Council of Greater New York
Building Trades Employers Association
Camber Property Group
Catholic Charities Community Services
Catholic Charities Brooklyn and Queens
Chinese-American Planning Council
Community Preservation Corporation
Dunn Development Corp.
Enterprise Community Partners
Extell Development Company
Jack Resnick & Sons
Jonathan Rose Companies
L & M Development Partners
LIHC Investment Group
MDG Design + Construction
Metropolitan Realty Group LLC
NY State Association for Affordable Housing
Omni New York
Park Tower Group
Real Estate Board of New York
RiseBoro Community Partnership
Rudin Management Company
Services for the UnderServed
Settlement Housing Fund, Inc.
Signature Urban Properties
The Brodsky Organization
The Durst Organization
The Moinian Group
Two Trees Management
More information about Project Parachute can be found at www.projectparachute.nyc.SOURCE: Owners launch fund to keep New Yorkers in their homes
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.