New Loan Closing: Asian Americans for Equality
Preserving affordable housing for New York’s AAPI community
$4.7 million participation in a $9.7 million construction loan
Founded in 1974 in Manhattan’s Chinatown to advocate for equal rights, Asian Americans for Equality (AAFE) has become one of New York’s leading housing, social service and community development organizations. Since its founding, AAFE has created more than 1,000 affordable rental units in Manhattan and Queens and provided over $400 million in mortgage financing for homebuyers. AAFE also offers small business loans and training programs to immigrant entrepreneurs and helps members of immigrant communities with a wide range of housing, immigration, and other quality of life issues.
This loan will fund the substantial rehabilitation of three multifamily properties (44 units total) in the East Village neighborhood of New York City. Once the renovations are complete, the properties will be converted into affordable, cooperatively owned housing for low and moderate-income households through NYC’s Affordable Neighborhood Co-op Program. AAFE’s project will support 125 tenants as they work toward their homeownership goals.
Partners: Local Initiatives Support Corporation (LISC)