Neighbors of Watertown

What Neighbors of Watertown does

Neighbors of Watertown, Inc. is a 501(c)(3) nonprofit housing development and management organization founded in 1967 and incorporated in New York in 1969, headquartered at 112 Franklin Street in Watertown, NY. Designated as a Neighborhood Preservation Company by the NYS Division of Housing and Community Renewal in 1981, the organization operates a comprehensive affordable housing platform serving low-to-moderate income residents of Watertown and Jefferson County, NY. Its asset base includes 15+ residential properties (notably The Centennial at 100 units, Olympic Apartments at 42 units, Henry Keep at 39 units, The Brighton at 36 units, The Burdick at 28 units, and the newly constructed Mill & Main at 63 units in 2026) and 4 commercial properties (most prominently The Marcy Building at 58,000 sq ft), with total capacity in the low hundreds of residential units.

The organization delivers its services through three integrated program lines: rental housing management (with rents set at the minimum rate or 30% of household income, whichever is higher), first-time homebuyer assistance (down-payment grants, mortgage buy-downs, home inspection assistance, and a certified Homebuyer Education Course), and home rehabilitation programs (city-wide and county-wide owner-occupied rehabilitation, Buy/Rehab/Resell, Mobile Home Replacement, NYS Vacant Rental, and Public Square Historic District facade easements). Revenue is generated through rental income, government grants from NYS Division of Housing and Community Renewal and other federal/state housing programs, Low Income Housing Tax Credit and Historic Rehabilitation Tax Credit syndication (in which Neighbors serves as General Partner in limited partnerships), and developer fees on joint-venture projects. Customer segments include low-to-moderate income renters, first-time homebuyers, owner-occupants needing rehabilitation, senior residents, and homeless or at-risk individuals served through the HHAP-funded Kieff Drive Apartments. The online application and GoZego-powered rent payment portal provide the only documented digital infrastructure; no AI/ML capabilities, proprietary technology platforms, or developer-facing APIs are present.

Name

Neighbors of Watertown

Legal name

Neighbors Of Watertown, Inc.

Website

https://neighborsofwatertown.com

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

11–50 employees

Short description

Neighbors of Watertown is a 501(c)(3) nonprofit founded in 1967 that operates affordable rental housing, first-time homebuyer assistance, and home rehabilitation programs across Watertown and Jefferson County, NY. It manages 15+ residential and 4 commercial properties serving low-to-moderate income residents.

Ownership category

akta.pro rank

Product category

Affordable Housing

NAICS

Residential Property Managers (531311), Lessors of Residential Buildings and Dwellings (531110)

SIC

Operators Of Apartment Buildings (6513), Real Estate Operators (No Developers) & Lessors (6510), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

akta.pro secondary industries

Multifamily Apartment Property Management (BPAJAFAA), Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing
• Rental property management
• Homebuyer education
• Housing rehabilitation
• Community development

Headquarters

HQ city

Watertown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Income: Revenue from residential and commercial property rentals across 15+ properties in Watertown, NY. Rent is calculated as minimum rent rate or 30% of household income, whichever is higher.
2. Government Grants and Funding: Funding from NYS Division of Housing and Community Renewal, Local Development Corporation, Development Authority of the North Country, and various federal and state housing programs for rehabilitation and development projects.
3. Tax Credit Syndication: Utilization of Low Income Housing Tax Credits and Historic Rehabilitation Tax Credits for development projects. Serves as General Partner in limited partnerships through subsidiary corporations.
4. Homebuyer Program Grants: Provides down payment grants, mortgage buy-downs, and home inspection assistance to first-time homebuyers in Watertown and Jefferson County.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Neighbors of Watertown owns and manages a portfolio of 15+ affordable residential rental properties and 4 commercial properties in Watertown, NY, while administering housing counseling, homebuyer education, owner-occupied rehabilitation, mobile home replacement, and historic facade programs for low- and moderate-income households. The organization also offers development services for residential and commercial real estate projects in the community.

Product overview

Neighbors of Watertown is a 501(c)(3) nonprofit affordable housing organization founded in 1967, offering a comprehensive portfolio of rental housing properties and housing assistance programs in Watertown and Jefferson County, NY. The portfolio includes residential properties (The Brighton, The Buck, Bugbee, The Burdick, The Centennial, Emerson Place, The Franklin, Henry Keep, Kieff Drive, Lillian Towers, Mill & Main, Olympic, and Starwood Apartments), commercial properties (The Marcy Building, The Buck Building, Empsall Building, and The Franklin Building), and housing programs including First Time Home Buyer assistance, Homebuyer Education, Owner Occupied Home Rehabilitation (both City and County-wide), Buy/Rehab/Resell, Mobile Home Replacement, and NYS Vacant Rental Programs. The organization also provides development consulting services utilizing tax credits and joint venture arrangements. Services are accessible through online rental applications and rent payment portals.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Residential Rental Housing Portfolio
• Commercial Property Portfolio
• First Time Home Buyer Program
• Homebuyer Education Program
• City Wide Owner Occupied Home Rehabilitation Program
• County Wide Owner Occupied Home Rehabilitation Program
• Buy/Rehab/Resell Housing Rehabilitation Program
• Mobile Home Replacement Program
• NYS Vacant Rental Program
• Public Square Historic District Facade Easement Program Matching-grant program for commercial property owners in Watertown's Public Square Historic District that funds facade restoration in exchange for a recorded historic preservation easement.
• Development Services Real estate development services for residential and commercial projects, including acquisition, rehabilitation, and new construction of affordable housing and community-oriented commercial space.
• Online Rental Application System Web-based rental application intake that allows prospective tenants to apply for available affordable units through the organization's website.
• Online Rent Payment Web-based rent payment service allowing current tenants to pay monthly rent electronically through the organization's website.

Quantifiable outcome

• 191 first-time homebuyers assisted through Feb 2019 with $5.78M in grants leveraging $8.79M in mortgages, creating $14.57M economic impact
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• Public Square Developers, L.P.minorStrategic or Co-development Partner · 1 January 2003Limited partnership ownership entity for The Franklin Building development. Neighbors serves as General Partner with syndication involvement.
• Development Authority of the North CountrycoreStrategic or Co-development PartnerPartner in Buy/Rehab/Resell program alongside City of Watertown Local Development Corporation. Also provided funding for Lillian Towers project through NYS Housing Trust Fund.
• City of Watertown Local Development CorporationcoreStrategic or Co-development PartnerPartner in Buy/Rehab/Resell program along with Development Authority of the North Country. Joint venture partner in property development projects.
• Henry Keep HomeminorStrategic or Co-development PartnerHistoric organization that erected Olympic Apartments and Henry Keep Apartments. Oversight provided by Henry Keep Home board of directors. Building owned by Olympic Apartment Associates.
• Watertown TrustminorStrategic or Co-development PartnerPartner in Public Square Historic District Facade Easement Program. Local Development Corporation of Watertown (WLDC) provides funds for facade rehabilitation.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Preservation of Affordable Housing (POAH):
• Mercy Housing: Major national nonprofit affordable housing organization that develops and manages rental housing for low-income families, seniors, and individuals using LIHTC financing. Directly comparable to Neighbors of Watertown's affordable rental and resident-services model, though at substantially larger scale.
• Enterprise Community Partners: National nonprofit affordable housing developer and CDFI that develops, owns, and operates affordable multifamily housing using LIHTC and historic tax credits. Highly comparable mission and funding model to Neighbors of Watertown but operates at national scale across multiple states.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Neighbors112
• Facebookfacebook.com/neighborsofwatertown
• Instagraminstagram.com/neighbors_112
• LinkedInlinkedin.com/company/neighbors-of-watertown

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neighbors of Watertown