Collaboration: The Innovative Solution for Nonprofit Developers

The Innovative Solution for Nonprofit Developers 

Thursday July 8, 2020 | 12:00 PM – 2:00 PM | Webcast


Over the last few decades, nonprofit developers in New York City have lost market share and impact due to constantly changing industry conditions.  In late 2015, nonprofit developers in New York City established a first-of-its-kind Joint Ownership Entity in order to the create scale necessary to: 

  • Preserve existing affordable housing projects
  • Compete for larger projects across neighborhoods
  • Create a portfolio-wide operating reserve
  • Decrease operational costs
  • Increase revenue
  • Increase length and depth of affordability 

This webcast will discuss the successes and challenges of the JOE NYC and its members in creating a joint ownership structure, and how such a structure can be applied to the Capital Region as nonprofit developers manage loss of market-share and scarcity of development sites.  The webcast will feature perspectives from Executive Directors of JOE NYC and founding members, attorneys, financial consultants, accountants, and foundations. 


12:05 pm

Welcome Remarks
Monica Warren-Jones, President, HAND; Director of Capital Solutions Mid-Atlantic Market, Enterprise Community Partners

Gregory Schiefelbein, Director, Citi Community Development, Citi (Moderator)

12:10 pm

The Joint Ownership Entity
Peter Madden, Executive Director, Joint Ownership Entity



12:30 pm

David Goldstein, Managing Partner, Goldstein Hall PLLC
Esther Sandrof, Partner, Forsyth Street
Marc Jahr, Senior Advisor, Forsyth Street



1:00 pm   

Michael Rochford, Executive Director, St. Nicks Alliance
Bernell Grier, Executive Director, IMPACCT Brooklyn
Winell Belfonte, Partner, CohnReznick



1:30 pm  

Heather Raspberry, Executive Director, HAND


Speaker Bios

Winell Belfonte

Winell Belfonte is a partner in CohnReznick’s Affordable Housing and Not-for-Profit and Education Industry practices. She serves as the partner in charge of the Firm’s New York office affordable housing practice. In this capacity, she is the lead service provider and business advisor to her clients and accountable for the dissemination and implementation of technical issues for affordable housing and not-for-profit clients. 

Winell has 30 years of experience providing services to a broad range of clients. Her extensive experience comes in the areas of audit, accounting, and tax for not-for-profit and for-profit clients including real estate developers, investors, syndicators, contractors, and property managers, as well as charities and foundations. Her business advisory expertise include strategic planning, the design and implementation of internal control structures, financial analysis, budgets, regulatory compliance, and investor requirements.

As a frequent speaker, Winell has become well known for her technical expertise. She has spoken to many not-for-profit and affordable housing audiences and, in 2010, graduated from a nine month community leadership program with Leadership of Greater Washington.

David Goldstein
Managing Partner
Goldstein Hall PLLC

David Goldstein concentrates his practice in affordable housing development, real estate and community development, nonprofit formation and governance, and corporate formation and governance.

As lead counsel with deep experience in structuring and advising joint ventures and complex affordable housing transactions involving numerous federal, state, and city housing and finance programs, David played a key role in the formation and early success of the award-winning Joint Ownership Entity (JOE NYC) program. He continues providing legal expertise as JOE NYC pursues additional affordable housing projects throughout the city. He is also among the members of the New York Advisory Board for the Corporation for Supportive Housing.

David has represented limited equity cooperatives, HDFC co-ops, and tenant associations in litigation and general corporate issues.

Bernell Grier 
Executive Director
IMPACCT Brooklyn
Ms. Grier joined IMPACCT–Brooklyn on December 5th, 2016 after serving as Director and Vice President of the Federal Home Loan Bank of New York Affordable Housing Program, where she oversaw the project management, operations and roll-out of the $30 million grant program among FHLBNY members and project sponsors.

Previously, she worked at Neighborhood Housing Services of New York City, Inc. (NHSNYC) as Chief Executive Officer and as Chief Operating Officer. There, she provided centralized leadership and resources for eight NHS offices that assisted residents to buy, maintain and keep their homes. Prior to joining NHSNYC, Ms. Grier served as Executive Vice President for Fleet Community Bank (acquired by Bank of America).

She began her career in retail banking at Chase Manhattan Bank, where she was promoted into various roles in commercial lending and community development. She currently serves on the Board of the New York Housing Conference and the Advisory Board of the Furman Center at NYU. Ms. Grier is a member of the Brooklyn Chapter of the Links, Inc. and the Generative Leadership Council.

Ms. Grier received an MBA in Sustainability from Bard College and a BA in Economics from City University of New York (City College). She is a member of Emmanuel Baptist Church and resides in Clinton Hill, Brooklyn.

Marc Jahr
Senior Advisor
Forsyth Street

Marc Jahr has more than 30 years of experience in the fields of community development and affordable housing finance. Before joining Forsyth, Mr. Jahr was the principal of the Community Development Futures, LLC, a consultant firm providing community development and affordable housing finance advisory services that works closely with Forsyth Street. Previously, Mr. Jahr served as President of the New York City Housing Development Corporation (“HDC”) from 2008-2013. During that time, he oversaw the provision of more than $6.6 billion in financing for 214 developments comprised of 80,904 units of affordable rental housing. Prior to joining HDC, Mr. Jahr was Citi Community Capital’s New York Metropolitan Area Market Director where he supervised its community development real estate lending group. Under his leadership, from 2002-2007, his group originated over $2.2 billion in loans and letters of credit. Mr. Jahr also held various senior positions at Local Initiatives Support Corporation including New York Equity Fund Manager, New York City Program Director and Program Vice President. He served in several positions at the New York City Department of Housing Preservation and Development, including Director of its Multi-Family Housing Unit, and Deputy Director of HPD’s Small Homes Unit. Mr. Jahr began his career in community development as a VISTA volunteer in Scranton, PA and Shungnak, AK. He is a graduate of the New School College.

Peter Madden
Executive Director
Joint Ownership Entity

Peter Madden is Executive Director of the Joint Ownership Entity New York City (JOE NYC). He worked several years at the New York City Department of Housing Preservation and Development. He was Director of Distressed Assets Financing Programs focused on HPD’s response to the mortgage crisis. Subsequently, he served as its Director of Storm Recovery Programs overseeing program design efforts as part of the City’s Superstorm Sandy recovery efforts. Before starting at JOE NYC, Mr. Madden served as an independent consultant to NYS Homes and Community Renewal, the Robin Hood Foundation, and the Center for New York City Neighborhoods. Mr. Madden received his undergraduate degree from the University of Michigan and has a Master’s Degree in Public Administration from the New York University Wagner School of Public Service.  

Esther Sandrof
Forsyth Street

Esther Sandrof, a co-founder and Partner at Forsyth Street has over 25 years of experience in the real estate finance industry working with a wide variety of public and private clients. She participates in Forsyth Street’s work as financial advisor to developers, financial institutions, philanthropies and government entities in development of innovative financing strategies for residential, commercial and cultural projects oriented toward achieving social impacts. In the last few years, she has structured financing transactions with an aggregate value of excess of $350 million. Recently Ms. Sandrof has been engaged to assist in the development of a new joint asset management entity to preserve and expand New York City’s stock of non-profit-owned affordable housing. She is also working on an initiative to attract new sources of financing to stimulate the creation of an affordable multifamily housing industry in Israel. She participated in the creation of Spaceworks, a non-profit organization dedicated to expanding the supply of long-term, stable and affordable workspace for arts practitioners in New York City. She also participated in the development of several innovative housing finance initiatives including the New York City Acquisition Fund and the National Community Stabilization Trust. Previously, as Director at Hamilton, Rabinovitz & Alschuler, Inc., she developed and implemented financing programs and for urban revitalization projects in New York City, Baltimore, Chicago, Newark, Hartford, New Haven and other cities. In addition she provided consulting services to philanthropies, governmental entities and developers in the development and implementation of impact financing tools. She has a Bachelor’s degree in History and Art History from Rutgers College and a Master’s degree in Real Estate Development from Columbia University.

Gregory Schiefelbein
Gregory Schiefelbein joined Citi in March of 2013 and currently leads Citi Community Development (CCD) in Citi’s global headquarters market as New York Tri-State Director. Greg is also a member of CCD’s leadership team. In this role, Greg leads municipal and community relationships across New York, New Jersey, Connecticut, and Puerto Rico, managing Community Reinvestment Act investments and stakeholder engagement to fulfill regulatory obligations and protect and promote the firm’s reputation with community leaders, advocates, policymakers, and bank regulators. He serves on several boards and committees in New York City, and speaks regularly on catalyzing social and economic progress. Greg works closely with internal Citi partners, and is currently co-chair of Citi’s NY/NJ/CT State Leadership Council.

Michael Rochford
Executive Director
St. Nicks Alliance

In 1979, Michael Rochford joined St. Nicks Alliance, a not-for-profit community development/settlement house in Williamsburg, and has served as Executive Director since 1990.  Under his direction, St. Nicks produces outcome-driven social change, while building community.  Rochford established St. Nicks’ education, health, housing, economic and workforce development initiatives, in addition to organizing several business associations that helped revitalize Williamsburg. He holds a Masters of City and Regional Planning from Pratt Institute and an MBA in Finance from Pace University.

Monica Warren-JonesMonica Warren-Jones
President, HAND;
Director of Capital Solutions, Mid-Atlantic Market, Enterprise Community Partners

Ms. Warren-Jones serves as the Director of Capital Solutions for the Enterprise DC Local Office.  With 15 years’ experience in real estate finance and development she supports nonprofit and for- profit partners by providing strategic solutions using Enterprise products and services including including debt, equity and new markets tax credits for development and preservation of sustainable housing and community facilities.

Ms. Warren-Jones has participated in or led presentations, testified at public hearings, led panel discussions and webinars on multifamily finance and community development finance on behalf of the U.S. Department of Housing and Urban Development, Federal Department Insurance Corporation, and myriad local government housing officials in effort to share best practices.

Through her work at Enterprise, she has generated more than $300 million of investment activity for the creation and preservation of more than 1200 units of housing.  As Senior Lender, she managed the administration of a $28 million preservation loan portfolio sourced via public and private funds.

Prior to Enterprise, Ms. Warren-Jones served as a Vice-President of a non-profit community development firm and prior, as a Senior Account Manager with Fannie Mae where she evaluated real estate investments for large scale, residential projects utilizing low income housing tax credits, conventional debt and/or bond financing. She has also worked professionally with housing nonprofit organizations in Washington DC and Boston, Massachusetts.

Ms. Warren-Jones holds an MPA from Harvard University, an MBA from Boston College, and an undergraduate degree from Howard University.  She previously served as an elected member of the DC State Board of Education and she is a Notary Public in the District of Columbia. She is a Washington DC resident with two children in DC Public Schools. Monica enjoys reading, independent films, and cooking and consuming international cuisines and learning through others.