Better Community Neighborhoods Inc

Better Community Neighborhoods Inc. is a U.S. nonprofit organization based in Schenectady, New York. It was established as a result of a merger between two established not-for-profits: Better Neighborhoods Inc. and the Community Land Trust of Schenectady. The organization is classified as a 501(c)(3) entity, allowing donations to be tax deductible.

History

Better Neighborhoods Inc. was founded in 1966 with a focus on renovating homes and multifamily properties, providing counseling and support for first-time homebuyers and long-term homeowners, and offering other related services like foreclosure prevention programs. Since 1992, it had built or substantially renovated 128 units of housing and created over 55 units of affordable rental housing in collaboration with developers. Additionally, it oversaw a multi-business façade improvement program along Schenectady's Crane Street.

The Community Land Trust of Schenectady, established in 1991, provides affordable housing services for low-to-moderate-income families using a community land trust model. The model involves retaining land ownership while homeowners lease the land under 99-year renewable leases, ensuring homes remain owner-occupied and affordable.

Merger and Formation

The merger was facilitated by local philanthropic organizations, including the Wright Family Foundation and the Little Family Foundation, which supported the creation of a stronger, strategically positioned organization. The merger aimed to leverage existing strengths and capitalize on New York State incentives for such consolidations.

Mission and Activities

Better Community Neighborhoods Inc. is led by a mission to "build and support resilient neighborhoods where residents of all backgrounds can flourish." It plays a critical role in Schenectady's citywide smart growth plan, focusing on neighborhood renewal, capital development, housing counseling, and financial literacy. The organization serves not only Schenectady but also surrounding counties including Saratoga, Montgomery, Fulton, and Albany.

Organizational Structure

The Board of Directors comprises community and not-for-profit leaders with expertise in policy, development, banking, and financial services, among other areas. Members are selected based on their leadership in the Schenectady community or relevant professions.

Financial Overview

In 2023, Better Community Neighborhoods Inc. reported revenues of approximately $3.34 million, with expenses of $3.44 million. The organization's assets were valued at about $2.98 million, while liabilities were around $2.24 million. Contributions constitute the majority of its revenue.

Services and Partnerships

As a HUD-certified housing counseling agency and an NYS Neighborhood Preservation Company, the organization offers a range of services including new construction, homeownership assistance, foreclosure counseling, and affordable rentals. It collaborates with key players in the Schenectady revitalization movement, notably the Schenectady Metroplex Development Authority, which supports business economic development and recognizes the importance of stable housing for sustainable revitalization.