Word: nonprofit
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...entree into home ownership and the rebirth of Junius Street are the work of the Nehemiah Project, the largest of the community-based private housing groups that are springing up around the country to answer the enormous need for low-cost shelter. From Boston and Chicago to San Francisco, nonprofit development corporations, civic-minded church groups, foundations and companies have stepped into the vacuum left by the Federal Government's withdrawal from large-scale public housing construction...
...units of moderate- income housing by obtaining a $1.5 million construction loan from a local bank at below prime rate. The reason for the discount: the union agreed to invest $1.5 million of its pension fund in the bank's certificates of deposit. In nearby Somerville, Mass., the nonprofit Somerville Corp. used $484,000 from a 1984 federal Urban Development Action grant to attract more than $2 million in other funding. The money enabled Somerville Corp. to build 32 red cedar town houses for local residents on the site of a former school. The houses sold...
...Francisco a nonprofit housing initiative called the Bay Area Residential Investment and Development Group (BRIDGE) has helped finance construction of more than 2,400 units of multifamily housing, in part by securing city approval to waive zoning restrictions on the number of dwellings in a project. By building extra units, BRIDGE is able to boost the development's total value. It then sells some of the units at below-market rates...
Other foundations are showing interest in the housing problem. A New York- based nonprofit organization called Local Initiatives Support Corp. has loaned some $50 million to more than 400 community programs across the country since 1980. The group, which was launched with the help of the Ford Foundation, last month announced it would provide $16 million to help create 1,000 low-income apartments in a partnership with New York City. Much of the investment will come from private corporations in exchange for a federal tax credit, one of the few credits included in last year's tax-reform bill...
...unless more judges can be persuaded to use them. That may require changes in some mechanisms of government. For instance, fines are a crucial part of many alternative sentencing packages. But they frequently go unpaid. Courts and prosecutors are not good at collecting them, says Michael Tonry of the nonprofit Castine Research Corp., which specializes in law-enforcement issues. He proposes that banks and credit companies be deputized to fetch delinquent fines, with a percentage of the take as their payment. "To make fines work as a sentencing alternative," he says, "they must be both equitable, based on a person...