A housing lottery kicked off December 12, 2024 for 21 apartments in three gut-renovated buildings in Manhattan’s East Village, making it possible for families and individuals to realize the dream of homeownership in one of the city’s most sought after communities.
The project was developed by Asian Americans for Equality (AAFE), in partnership with the NYC Department of Housing Preservation and Development (HPD). It was financed through HPD’s Affordable Neighborhood Cooperative Program (ANCP), which selects qualified developers to rehabilitate distressed city-owned multifamily buildings in order to create affordable co-ops for low and moderate-income households.
The 21 apartments, offered via lottery on NYC Housing Connect, are available to households with total annual incomes between $83,016 (minimum) and $211,860 (maximum). Studio, 2-bed and 3-bed units range in price from approximately $260,582 to $386,372. More details, including eligibility requirements and application instructions can be found here.
The buildings are located at 406-08 East 10th St., 533 East 11th St. and 656 East 12th St. The gut renovation of the century-old tenements included asbestos and lead-based paint abatement, new roofs, new concrete foundation slabs and structural steel, new plumbing and electrical wiring, new HVAC, security and fire safety systems and new windows. All of the kitchens were replaced with new cabinets, counters, fixtures and energy star appliances. There are completely new bathrooms in each unit. The buildings meet or exceed Enterprise Green Communities standards for energy efficiency.
Informational webinars will be hosted by Asian Americans for Equality on January 7th and January 28th at 6 pm. The seminars will provide information about the cooperatives, the application and purchase process and lending options for purchasers. Seminar attendance is not mandatory to purchase.
To join the webinar, please join via the links listed below:
January 7th, 2025 https://nychpd.webex.com/weblink/register/rbee117b1a2dac78cb4406eb3dfe5fa2f
Join by phone: Webinar number (access code): 2341 946 2039
+1-646-992-2010 United States Toll (New York City)
+1-408-418-9388 United States Toll
January 28th, 2025 https://nychpd.webex.com/weblink/register/rad6ec83cf1f9bc8d25b4afff43f63d81
Join by phone: Webinar number (access code): 2340 250 2593
+1-646-992-2010 United States Toll (New York City)
+1-408-418-9388 United States Toll
Applications must be received no later than February 13, 2025.
Earlier this year, 23 households – longtime residents who were temporarily relocated during renovations – moved back into their newly renovated apartments. The successful applicants participating in the housing lottery will join them, eventually becoming homeowners and neighbors.
AAFE worked closely with residents of the buildings during the design and construction phases of the project, as well as with HPD and Neighborhood Restore. HPD, Local Initiatives Support Corp. NYC (LISC NYC) and Nonprofit Finance Fund (NFF) provided funding. The project was designed by Urban Architectural Initiatives (UAI). The general contractor was A.A.D. Construction Corp.
In 2017, AAFE successfully completed the first project under the Affordable Neighborhood Cooperative Program at 244 Elizabeth St. in Manhattan, creating 19 affordable cooperative apartments. AAFE is currently developing another ANCP project in the Chelsea neighborhood – a new construction project that will add 26 affordable units for existing and new residents.
The New York City Department of Housing Preservation and Development (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. For full details visit nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.
Restoring Communities Housing Development Fund Corporation (“Restoring Communities”) is a nonprofit organization with extensive experience in creating affordable homeownership opportunities. Restoring Communities is an affiliate of Neighborhood Restore Housing Development Fund Corporation and has been a long-time partner with HPD in revitalizing New York City neighborhoods. Through its established partnerships with government, lenders and community partners, Restoring Communities and its affiliates have remained active in leading affordable housing programs by successfully acquiring, rehabilitating, and marketing distressed properties to low- and moderate- income households.
Asian Americans for Equality, celebrating its 50th anniversary this year, advances racial, social and economic justice for Asian Americans and other systematically disadvantaged communities. AAFE is a comprehensive community development organization that builds and manages affordable housing in Manhattan and Queens, provides an array of community services and offers low-interest loans and training to immigrant small business owners. AAFE has preserved/created more than 1,200 affordable apartments in the past three decades.
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This press release is not an offer. It is a solicitation of interest in the above referenced properties. Advertisements for the properties are made pursuant to the Cooperative Policy Statement-11 , approved by the New York State Department of Law, file numbers CP23-0031, CP23-0032, and CP23-0033. No offering of the advertised units can be made and no deposits can be accepted, binding or non-binding, until an offering plan is filed with the New York State Department of Law. Sponsor: Lower East Side Housing Development Fund Company, Inc. c/o Stanton Norfolk Inc., 141 Norfolk Street, New York, NY 10002