Asian Americans For Equality Community Development Fund, Inc. (AAFE) has been approved for membership in the Federal Home Loan Bank of New York (FHLBNY). AAFE will be able to use its FHLBNY membership and the FHLBNY’s Community Investment Programs to increase its lending capacity in the low- to moderate-income immigrant and minority communities it serves. Additionally, the liquidity provided by the FHLBNY can help AAFE expand its range of low-interest homeownership loan programs that assist its clients in purchasing or renovating their first home.
“The Federal Home Loan Bank of New York is proud to call AAFE our member,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “AAFE’s focus on creating affordable housing and driving community development makes them a natural partner for the Home Loan Bank, and this partnership will create new opportunities for Home Loan Bank funding to further benefit New York City.”
“AAFE Community Development Fund is honored and excited. As the first Community Development Fund admitted to membership in the Federal Home Loan Bank of New York, AAFE CDF is committed to further promoting our mission of advancing homeownership for minority, immigrant, low- and moderate-income, and underserved populations of New York City,” said Siu Kwan Chan, Managing Director of AAFE Community Development Fund, Inc.
The AAFE Community Development Fund provides homeownership counseling and small business training. Asian Americans for Equality, Inc. is a non-profit organization established in 1974 with a mission of empowering Asian Americans and others in need. During the past 35 years, AAFE has evolved into a nationally recognized affordable housing developer and an experienced social service provider. With offices in Chinatown and Flushing, AAFE is the only citywide community development corporation serving New York City’s more than 800,000 Asian American residents with services including community development and housing preservation, housing legal services, community education, citizenship preparation, and social services.