Lower East Side Affordable Neighborhood Cooperative Program

Organization Name: Asian Americans for Equality

Project Title: Lower East Side Affordable Neighborhood Cooperative Program

Project Location: Lower East Side/Alphabet City, Manhattan

Project Description:
Homeownership builds equity and helps accumulate generational wealth. The barrier to entry for homeownership for low-income, minority and immigrant communities is often very high but is seen as a path out of poverty for these families. Through the Affordable Neighborhood Cooperative Program (ANCP), AAFE has preserved three-buildings in Manhattan's Lower East Side (LES) that will provide urgently needed affordable homeownership opportunities in the neighborhood. Completed in December 2023 after two years of renovation, rehabilitation of the buildings has encompassed new kitchens, bathrooms, plumbing, electrical systems, HVAC, appliances, roofing, and facade work. The cluster includes three commercial units and 44 residential units. Of these 44 units, 23 will be owned by returning tenants-turned-homeowners; the 21 remaining apartments will be marketed and sold to income-eligible households earning 90% AMI. The LES Cluster will support the socioeconomic fabric of the community by anchoring both existing and new residents through long-term housing security.

Community Impact:
Despite having among the highest median household income in the country, Manhattan neighborhoods have a poverty rate of 40%. While the median sales price for homes is $1.6 million, the homeownership rate in Manhattan is only 23%, compared with 63% nationally. Some of the residents we meet have been living in their community for over 40 or 50 years and have only known this neighborhood as home. As housing prices rise in the city, renters are stuck in rent stabilized units and are unable to benefit from increasing asset values, which can build household wealth. The rates of homeownership across all income tiers in Manhattan are on average half of what they are for the United States as a whole. The low rate of homeownership combined with the high inequality and increasing rents has led to displacement of long-time residents and businesses which can erode the character of a community. Through the Affordable Neighborhood Cooperative Program (ANCP), AAFE is supporting low-income families to achieve their dream of homeownership, and to experience the benefits that go along with that such as housing security, wealth building, and pride of ownership.

Organization Description:
Asian Americans for Equality (AAFE) has developed and preserved over 1,300 affordable apartments, both rental and homeownership, in immigrant and low-income communities across New York City in partnership with NYC HPD. Our projects span diverse neighborhoods including the Lower East Side/Chinatown, Chelsea, Central Harlem, Sunset Park, Bay Ridge, East New York, Brownsville, East Flatbush, Flushing, Jackson Heights, Corona, Woodhaven, Jamaica, and the Rockaways.

Team Members:

Architect: Urban Architectural Initiatives
General Contractor: AAD Construction
Legal/Offering Plan: Goldstein Hall