Megacontracts boost domestic violence nonprofit’s real estate portfolio

The Urban Resource Institute, which says it is the country’s largest provider of shelter services for domestic violence survivors and their families, has contracted with the city since the organization’s inception in 1980.But two recent policy changes have transformed the group into a growing real estate powerhouse: A 2017 shift made it easier for nonprofits to secure longer contracts, making them more attractive mortgage candidates. Another is a multimillion-dollar loan fund created by Mayor Eric Adams last year to help nonprofits build and own shelters instead of renting space.URI was the first organization to benefit from the fund; it received almost $3.8 million from the Department of Homeless Services to build an 84-unit shelter in the Bronx during the summer.It’s also one of the major players to take its longer contracts to the bank. In the year immediately following the change enabling 30-year contracts, URI’s real estate profile ballooned by 357%. In 2022 URI valued its holdings of land and buildings at $20 million and has an additional $213 million in leases, according to tax documents. And in March URI purchased a $64 million stake in a Bronx development site where it will build a 6-story homeless shelter.Today URI is deeply ensconced in the city’s work, operating 25 temporary housing sites with 1,339 total units across four boroughs. It owns 11 of them, which host 600 units. The organization provides shelter to around 3,500 people on any given night and also... Continue reading at 'Crains New York'

[ Crains New York | 2024-09-16 10:03:16 UTC ]
News tagged with: #problem areas #big problem #steadily climbed #trended downward #latest data #abusive relationship #children residing #federal entities #lauren schuster #vice president #uniquely suited #news outlet #potential conflict #public funds #procurement process #schuster

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Megacontracts boost domestic violence nonprofit’s real estate portfolio

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