JOE NYC Solar Panel Installation

About the project

The Joint Ownership Entity New York City Corporation (JOE NYC) was formally launched in early 2017 to support the long-term viability of nonprofit-owned permanently affordable housing in New York City and help its members compete for new development opportunities. Comprised of more than ten CDFIs and not-for-profit organizations, JOE NYC aims to improve operating margins through efficiencies and economies of scale; and secure refinancing, recapitalize projects, and act as a guarantor for new development opportunities without the need for for-profit joint-venture partners.

JOE NYC is headquartered in New York City, NY.

LISC provided JOE NYC with $500,000 in construction financing for the installation of solar panels on 10 concurrently-owned projects in New York City. The 19 buildings involved are primarily in The Bronx, with some in Brooklyn, and a single property in Jamaica, Queens. The project allows JOE NYC to improve the overall operating margin of its portfolio of properties by reducing energy costs, helping to ensure the long-term viability of nonprofit-owned affordable housing. Additionally, it's expected to reduce greenhouse gas emissions by the equivalent of 516 metric tons of CO2 each year on average for at least 20 years, and will create approximately 10 direct jobs as part of the installation of the solar panels. The map below illustrates the location of the buildings involved in the project.

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