November 20, 2019
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.
For comments, questions or concerns, please contact Paul Bubny