November 20, 2019 Comments Off on Affordable Apartments Break Ground in East Village Views: 510 Downtown New York, New York News

Affordable Apartments Break Ground in East Village

Nonprofit Asian Americans for Equality (AAFE) joined city officials, Enterprise Community Partners and the Low Income Investment Fund (LIIF) for the groundbreaking of East Village Homes, a 100% affordable development.

AAFE was selected by the city’s Department of Housing Preservation and Development (HPD) in 2017 to develop the 14-story, 45-unit 302 E. 2nd St. It’s being financed under HPD’s Neighborhood Construction Program.

“There is a clear need for affordable housing across every neighborhood in New York City,” said HPD Commissioner Louise Carroll. “It is always fulfilling when we can break ground for a new project in an area where land is not often readily available.”

Enterprise Housing Credit Investments provided $10.2 million in LIHTC equity, while LIIF provided $15.246 million in construction financing. The city is providing $15.5 million.

Additional funding came from NeighborWorks America, TD Bank Charitable Foundation, Deutsche Bank Americas Foundation, Wells Fargo, Valley Bank and M&T Bank.

Read more at nyc.gov

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