THE NEW YORK EMERGING NEIGHBORHOOD FUND
Neighborhood Preservation and Revitalization Through an Innovative CRA Direct Operating and Development Investment Fund
After years of working with various government-subsidized land, debt and tax credit tools to produce affordable housing, Janus recognized that new ideas were needed to expand the revitalization of New York’s low- and moderate-income communities. A large pool of privately-owned buildings both residential and commercial were left out of the City’s efforts and incentive programs, so Janus formed the first-ever institutional equity investment vehicle specifically designed to address this gap in government policy. The Fund’s unique structure provided various risk-adjusted options for investors while granting Janus sole discretion to acquire, stabilize and improve properties in need of thoughtful revitalization – without relying on government programs or subsidies.
Intended to provide above-market returns and Community Reinvestment Act credit to its investors, the fund ultimately earned investors double-CRA credit after the New York State Banking Department designated the fund an “innovative community development vehicle.”
The Fund created tremendous value for both tenants and investors, as well as paved the way for growing interest in private investment and neighborhood improvement.
FUND INVESTORS
Abyssinian Development Corporation/Abyssinian Baptist Church
Bryan Cave LLP partners’ investment vehicle
Carver Federal Savings Bank
Citigroup
Community Development Trust
Dime Savings Bank
EAB
GreenPoint Bank
HSBC
Israel Discount Bank
JP Morgan Chase Bank (along with a separate, CRA-qualified line of credit)
Met Life Insurance
New York Community Investment Corporation
