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Owners launch fund to keep New Yorkers in their homes

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.

JAMES WHELAN

“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.

JUDI KENDE

“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.”

JOLIE MILSTEIN

“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

Algin Management

Arker Companies

Artimus Associates LLC

Beam Living, a Blackstone portfolio company

Belveron Partners

Benenson Capital Partners

BFC Partners

Breaking Ground

BronxWorks

Brookfield Properties

BRP Companies

Building Construction Trades Council of Greater New York

Building Trades Employers Association

CAMBA

Camber Property Group

Catholic Charities Community Services

Catholic Charities Brooklyn and Queens

Chinese-American Planning Council

Community Preservation Corporation

Douglaston Development

Dunn Development Corp.

Enterprise Community Partners

Equity Residential

Extell Development Company

Fairstead

Fetner Properties

Fisher Brothers 

Global Holdings

Gotham Organization

HELP USA

Hudson Companies

IMPACCT

Jack Resnick & Sons

Jonathan Rose Companies

L & M Development Partners

Lalezarian Properties

LeFrak

LIHC Investment Group

MDG Design + Construction

Metropolitan Realty Group LLC

NY State Association for Affordable Housing

Omni New York

Park Tower Group

Phipps Houses

Procida Companies

Real Estate Board of New York

Related Companies

RiseBoro Community Partnership

Rose Associates

Rudin Management Company

Services for the UnderServed

Settlement Housing Fund, Inc.

Signature Urban Properties

Silverstein Properties

Taconic Partners

TF Cornerstone

The Brodsky Organization

The Durst Organization

The Moinian Group

Two Trees Management

32BJ SEIU

More information about Project Parachute can be found at  www.projectparachute.nyc.

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