Manhattan, NY Asian Americans for Equality (AAFE) was joined by city council members Carlina Rivera and Margaret Chin, officials with the NYC Department of Housing Preservation and Development (HPD) and NYC Housing Development Corp. (HDC), Enterprise Community Partners and the Low Income Investment Fund (LIIF) to celebrate the groundbreaking of “East Village Homes,” a 100% affordable development. The project will bring 45 affordable apartments to 302 East 2nd St. in a community where housing costs have risen in recent years.
The total projected cost of this development is $28.5 million.
East Village Homes is being financed under HPD’s Neighborhood Construction Program (NCP) and will have eight Section 8 Project-based voucher units. Enterprise Housing Credit Investments provided $10.2 million in LIHTC equity, while LIIF provided $15.246 million in construction financing via a participation interest in the senior construction loan. HDC provided approximately $7.58 million of taxable bonds. HPD provided $6.75 million in NCP funds. The New York City Council provided $1.22 million in Reso A funds. Pre-development financing was provided by Enterprise Community Loan Fund and Seachange Capital Partners. Additional funding for the project came from TD Bank Charitable Foundation, Deutsche Bank Americas Foundation, Wells Fargo, Valley Bank and M&T Bank.
The Neighborhood Construction Program creates new affordable housing by providing funding for city-owned infill parcels throughout the city. AAFE, a nonprofit organization with roots in Chinatown and the Lower East Side, was selected by HPD in 2017 to develop 302 East 2nd St. When completed, the 14-story project near Ave. D will include 45 rental units affordable to very low, low, and moderate-income households, as well as ground-floor community facility space.
“Today we celebrate the kickoff of a project that will bring desperately needed affordable housing to the East Village and Lower East Side, where longtime residents are increasingly at risk of displacement from a community they have helped build,” said Thomas Yu and Jennifer Sun, AAFE co-executive directors. “We thank HPD and HDC for their faith in AAFE to complete this exciting project, to our elected officials for their strong support and to our funding partners for helping to make East Village Homes a reality.”
“There is a clear need for affordable housing across every neighborhood in New York City. It is always fulfilling when we can break ground for a new project in an area where land is not often readily available,” said HPD commissioner Louise Carroll. “I would like to thank AAFE and our development partners for their collaboration, and Council Members Rivera and Chin for their support and unwavering commitment to the residents of our city. Thanks to your cooperation, we celebrate the coming of 45 new homes for low-income families in the heart of the East Village.”
“East Village Homes will provide 45 households from a wide range of incomes with a stable and secure place to live,” said HDC president Eric Enderlin. “Thanks to our elected officials and partners for helping us to secure lasting affordability for New Yorkers in this increasingly high-cost neighborhood of Manhattan.”
“The Lower East Side is known for its decades of activism demanding tenants’ rights and programmatic and financial support from government. Therefore, it is fitting that today, in this neighborhood, we celebrate an amazing partnership between New York City and local non-profit partners that will result in the development of 45 affordable apartments for individuals and families – many of these reserved for AMIs as low as 20%. As I continue to work to bring more housing to working people in District 2, I thank partners like my colleague Margaret Chin, AAFE, and HPD that help us make developments like this a reality,” said councilwoman Carlina Rivera.
“In the face of a rising citywide affordability crisis, today we’re taking a bold step in creating truly affordable housing in our East Village and Lower East Side neighborhoods. I am proud to have secured $800,000 in Council funding to support this project and provide more housing stability for our most vulnerable neighbors,” said council member Margaret Chin.
“As the price of housing continues to rise and residents across New York City face the threat of displacement, it is critical to develop projects that provide affordable housing and community stability,” said Judi Kende, vice president and New York market leader, Enterprise. “We are proud to work alongside committed nonprofit and government partners including AAFE, LIIF, HPD, and HDC to make this fully affordable building a reality.”
“The Low Income Investment Fund is pleased to have led a public-private financing effort to provide AAFE with $23 million in construction financing for East Village Homes,” said Ivan Levi, Senior Loan Officer at the Low Income Investment Fund. “This project will transform a vacant city-owned lot, in a neighborhood where rents have risen tremendously, into quality housing affordable to a variety of households. We are excited to support AAFE in providing stable housing and maintaining neighborhood income diversity. We congratulate HPD on sponsoring this investment in City-owned land, and we look forward to seeing families move into their new homes.”
“Community Board 3 is grateful for the opportunity to support this much needed affordable housing on East 2nd Street,” said CB3 chair Alysha Lewis-Coleman. “We are seeing many new luxury developments with few or no affordable housing components -- and rarely with desperately needed very affordable units. Community Board 3 has the fourth highest gap in the city between our lower income residents and those with higher incomes, making the community especially vulnerable to losing affordable housing. We are thankful to AAFE and their partners for recognizing and acting on the priority need for this community -- affordable housing. “
“TD Bank is dedicated to our communities and we feel strongly about helping Manhattan residents achieve their financial goals and a better life, including having a nice, safe place to call home,” said Ralph Bumbaca, New York City market president of commercial banking for TD Bank. “TD is proud to work with Asian Americans for Equality to ensure that many more people in our vibrant and diverse neighborhood are able to accomplish that and make New York City an even better place to live and work.”
Leroy Street Studio designed the building, which includes sustainable elements and meets Enterprise Green Communities criteria. The project includes 13 studios, 19 one-bedroom units, 12 two-bedroom units and one apartment for an on-site super.
The building’s facade features a layered system of stucco panels that play off of an array of metal panels with custom-perforated designs. Integrated active design principles include bike storage, easily-accessible outdoor green space and visible stairs and circulation pathways. Building amenities include a shared roof terrace, a meeting space off of the main lobby and a laundry facility. The project features resilient design with no basement, water-conserving plumbing fixtures and high-efficiency lighting fixtures.
A second phase of the East Village Homes project is expected to create 10 additional affordable rental apartments on a separate site at 276 East 3rd St.
Asian Americans for Equality is a 45-year-old nonprofit organization founded in Chinatown to advocate for civil rights. Today, AAFE serves low-income and diverse immigrant communities across New York City with an array of social services, small business programs, community advocacy and housing services. AAFE has developed more than 1,000 apartments in Manhattan and Queens, and has 500 additional affordable housing units in its development pipeline. AAFE manages more than 800 affordable apartments on the Lower East Side/Chinatown and in Flushing, Queens.
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026.
The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 180,000 housing units using over $23.5 billion in bonds and other debt obligations, and provided in excess of $2.9 billion in subsidy. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last seven consecutive years, HDC’s annual bond issuance has surpassed $1 billion.
Enterprise works with partners nationwide to build opportunity. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created nearly 585,000 homes, invested $43.6 billion and touched millions of lives.