The New York Community Trust was founded in 1924 by the Vice President of the United States Mortgage and Trust Company, Frank J. Parsons, where 12 banks were invited to serve as part of the Trustees' Committee.
The trust focuses on giving grants in program areas including community development and environment; health and people with special needs; education, arts, and human justice; and children, youth, and families.
It has two divisions in Westchester and Long Island called Westchester Community Foundation and Long Island Community Foundation, respectively.
Funding for social enterprises and housing associations are extremely lacking. Nick O’Donohoe, Chief Executive, Big Society Capital points out that there is a need to “build bigger, more stronger, more resilient social enterprises” because they are “critical to growth and prosperity and quality of life in our community.”