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A coalition of more than 40 leading owners of affordable and market-rate apartment buildings, nonprofits, and service providers has launched “Project Parachute” to help keep vulnerable New Yorkers impacted by the COVID-19 crisis in their homes.

Seeded with a $4 million investment from property owners, the philanthropic fund will be managed by Enterprise Community Partners, a nonprofit organization focused on affordable housing. Enterprise will design the program in collaboration with tenants and community-based organizations to ensure the program meets the needs of hardest hit New Yorkers who are unserved or underserved by existing resources.

Enterprise plans to directly grant philanthropic dollars to experienced human services nonprofits across the city, enabling them to reach more low-income New Yorkers impacted by the pandemic. Project Parachute aims to reach those who have limited or no access to government resources, including undocumented immigrants and shadow economy workers. It also seeks to support those New York City communities hit disproportionately hard by the COVID-19, including black and Latino communities.

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