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zoning district M1-5B.
636 Broadway
7972 Sq. Ft. Cellar Only.
$239,160 Annual Basis ($30/sqft)
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Real Estate
Nonprofi t closes on
$9.6M deal for LES
affordable housing
PHOTO VIA GETTY IMAGES
BY EMILY DAVENPORT
A New York City-based nonprofi t recently closed on
a construction deal to create affordable housing on
the Lower East Side.
In a $9.6 million construction deal, LISC NYC plans
to renovate and convert three buildings in the Lower East
Side, where there is a lack of affordable housing options.
The loan was secured by Asian Americans for Equality
(AAFE) through HPD’s Affordable Neighborhood Coop
Program for a $20 million project that will result in the
creation of 44 new affordable units. The Nonprofi t Finance
Fund is also participating with LISC NYC in extending
the construction loan, with HPD providing $9 million in
subsidy for the project.
“We’re excited to provide the fi nancing necessary for
the development of dozens of affordable housing units for
families in the Lower East Side,” said Valerie White, executive
director of LISC NYC. “The COVID-19 pandemic has
forced fi nancial devastation upon our city’s most marginalized
communities and populations, and we’re proud to help
make this important investment possible.”
After the construction is complete, the unoccupied units
will be offered through the NYC Housing Connect 2.0
Lottery at 95% of Area Median Income.
AAFE has previously worked with HPD’s Affordable
Neighborhood Cooperative Program, converting 19 units
to affordable housing at 244-246 Elizabeth Street in 2018.
Over the past 40 years, the organization has evolved into a
nationally recognized affordable housing developer, having
developed and preserved 93 multi-family buildings, generating
over 1,030 units of affordable housing through the
reinvestment of more than $225 million into low-income
communities.
“We’re grateful for the support provided by LISC NYC
and our other partners, who are serving a pivotal role in the
creation of new affordable housing options for families who
need it the most,” said Thomas Yu, co-executive director
of AAFE.
July 29, 2021 15
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