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TheJoint Ownership Entity New York City is a membership organization that owns and asset manages affordable multifamily rental properties. JOE NYC was founded by a group of prominent New York City Community Development Corporations in response to a set of challenges confronting New York Citys affordable housing stock and low and moderate income communities and in particular the nonprofit community. JOE NYC is a 501c3 nonprofit corporation. JOE NYC is designed to strengthen the asset and property management capacity and outcomes of participating CDCs and the industry as a whole to bolster the cash flow and balance sheets of participating CDCs to enhance the ability of CDCs to secure financing for their development projects and to help ensure the longterm affordability of the properties in its portfolio and the stability of the communities within which they are located.