FAQs regarding Neighbors Of Watertown, Inc.

What is Neighbors Of Watertown?

Neighbors Of Watertown is a private not for profit 501 C-3 corporation incorporated in 1969.  Its offices are located at 112 Franklin Street, Watertown, NY.

What is its service area?

Although chartered to work in and around Jefferson County, its service area is the City of Watertown. 

What are its main purposes?

To provide safe, decent, affordable housing

To rehabilitate and return blighted property to productive use

To aid others with similar purposes

How is it funded?

Neighbors receives an annual contract from the NYS Division of Housing and Community Renewal as a Neighborhood Preservation Company.  This funding, currently $65,000, is for planning and administration to design and implement housing and community renewal projects in a targeted area.  All other administrative funding is from contracts and earned income.

How is it governed?

Neighbors is governed by a volunteer board of directors, a majority of which must be residents of the service area. 

Myths regarding Neighbors Of Watertown, Inc.

Neighbors creates a for-profit Limited Partnership for each project.  This is required to generate Tax Credits for sale to investors.  Neighbors has NO tax exempt properties, even though some may be eligible for exemption.

PILOT agreements are helpful, and sometimes necessary, due to the regulated rents we are required to work with.  The tax credit regulations must be followed for a minimum of 15 years.  PILOT agreements allow for predictable expenses during this regulatory period.  The PILOT agreements yield at least the pre-rehabilitation taxes.

Neighbors becomes a for-profit through Limited Partnerships.  The same financial tools Neighbors uses are available to private sector.

Neighbors is available to partner with private sector and develop the same financial packages for them.  For example, a joint venture is in the works with CRM Properties to redevelop their State Street property utilizing Neighbors skill with Historic Rehabilitation and Affordable housing Tax Credits and the equity that can be raised from them.

Neighbors follows a self imposed policy of not doing new construction.  We focus on rehabilitation of existing buildings that are contributory to the community.  In most cases the unit count is reduced from pre-rehab numbers.  For example the Burdick Building was reduced from 41 to 28 dwelling units.  The Brighton, although vacant when we purchased it, previously contained 70 units and was reduced to 36.  125 South Pleasant was reduced from 3 units to 1.  682 Huntington was reduced from 3 units to 2.  The proposed Emerson Place area revitalization plan will reduce the unit count from 48 to 22 in affected properties.

Although many area landlords do go out and solicit tenants to move to their properties, Neighbors does not. However, any redevelopment, by Neighbors or anyone else, will create options for tenants, whether it is quality, affordable housing or quality, affordable commercial space.  Tenants will not relocate unless their current conditions are substandard, over priced or inadequate for their current needs.  The cost of changing stationary, relocating phone and utility services and the move itself makes unnecessary moving infeasible.  If they need to move however, they will, with or without Neighbors Of Watertown.

Similar to shell buildings in industrial parks, Neighbors strives to rehabilitate properties in the community to offer quality affordable opportunities to new tenants.  Over 200 new jobs are being created in the downtown district in the year 2001 as a result.

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