ANHD 2016 Building the Community Development Movement
The $1 million settlement, resulting from a three-year campaign by ANHD and our member groups, exposed a business plan based on illegal displacement to turn affordable units into market-rate rentals. This investment strategy of overleveraging debt with the expectation of displacing tenants is common to all “predatory equity” investors. In many cases, the strategy has failed and the buildings fallen into financial and physical distress.
ANHD’s goal is to remove such properties from the speculative cycle by effecting their transfer to owners, preferably nonprofit, who are committed to preserving affordability.
HIGHLIGHTS OF OUR WORK IN 2010
Worked with ANHD member groups in the struggle for “preservation transfers” to take overleveraged buildings out of the speculative investment cycle, achieving milestone victories in the Bronx.
Won an extraordinary commitment of public and private financing to promote “preservation transfers” of distressed predatory equity buildings, with a city commitment of $750 million, and $100 million from a financial industry partner.
Took major steps toward achieving a city policy of permanent affordability of publicly subsidized housing with our report, A Permanent Problem Requires a Permanent Solution. In response to ANHD’ s multiyear campaign, the city shifted policy to require permanent affordability in many key 2010 landuse decisions.
Held an ambitious, successful policy conference on The Future of the CDC Movement in NYC, analyzing our sector’s core strengths and obstacles, and challenging ourselves to become even more effective and competitive.
Issued our influential report The State of Bank Reinvestment in NYC: 2009, documenting a dramatic drop in banks’ community reinvestment activity and building support for passage of an NYC Responsible Banking Act.
Graduated our inaugural class of 10 apprentice community organizers in the Center for Neighborhood Leadership, and strengthened the capacity-building and funding by our Initiative for Neighborhood and Citywide Organizing.
