Ovington Affordable Cooperative

Organization Name: Asian Americans for Equality, Inc

Project Title: Ovington Affordable Cooperative

Project Location: Bay Ridge, Brooklyn

Project Description:
345 Ovington Avenue is a 25-unit residential building on the border of Bay Ridge and Sunset Park, Brooklyn. Chinese immigrant families paid the original developer millions of dollars for condominium apartments here, only to learn that ownership was never legally transferred to them. When the building went into foreclosure, they faced losing both their homes and their savings. In May 2024, Asian Americans for Equality (AAFE) acquired the building to keep these families in place. Working with residents, their attorney, elected officials, and City and State agencies, AAFE put together an approximately $18.25 million preservation plan that combines public subsidy, private financing, and AAFE funds, drawing on NYC HPD’s Affordable Neighborhood Cooperative Program and NYS Homes and Community Renewal homeownership programs. AAFE is completing long-overdue repairs, including a new roof, mold remediation, waterproofing, and electrical upgrades, and converting the property into an income-restricted, limited-equity cooperative. Existing residents will be able to purchase their homes, and five vacant apartments will be sold to income-eligible buyers.

Community Impact:
Twenty households at 345 Ovington Avenue saved for years, bought what they believed were their homes, and built their lives in this neighborhood. Through no fault of their own, they were left without title, without a clear way forward, and at real risk of eviction.
This project changes that outcome. Instead of being displaced, these families will become shareholders in their own building, with public subsidy lowering their purchase costs. The limited-equity cooperative structure and income restrictions keep the homes affordable for the long term, so the stability these families fought for will last beyond this generation of owners. Five additional apartments will open the door to homeownership for new income-eligible New Yorkers.
345 Ovington also shows what is possible when no single program fits the problem. No standard financing tool was designed for a building where residents had already paid for homes they did not own. By pairing City and State homeownership programs, AAFE created a path where conventional approaches could not, offering a model for other communities facing similar ownership crises.

Organization Description:
Asian Americans for Equality (AAFE) is a New York City-based nonprofit founded in 1974 during the Asian American civil rights movement. AAFE advances racial, social, and economic justice by developing affordable housing, fostering economic opportunity through its affiliate Renaissance EDC, and providing multilingual social services including tenant counseling, healthcare navigation, immigration assistance, and youth leadership programs.

Team Members:

Developer/Sponsor: Asian Americans for Equality (AAFE)
Lender: Enterprise Community Partners
Legal: Goldstein Hall
Architect: Urban Architectural Initiatives (UAI)
Contractor: Great Stone General Con