AAFE reached a milestone at its new 100% affordable project in the East Village, topping off the building at its full 14-story height. The rental tower at 302 East 2nd St., known as East Village Homes, is on its way to completion next year, providing critically needed affordable housing as the city makes a recovery from COVID-19.
When completed, East Village Homes will include 45 rental units affordable to very low, low, and moderate-income households, as well as ground-floor community facility space. A housing lottery is expected to launch in the spring/summer of 2021.
“As our city’s immigrant and low-income residents face intense displacement pressures due to the economic impacts of the pandemic, we at AAFE are committed to moving forward with new residential projects to address a worsening affordable housing crisis,” sad Thomas Yu and Jennifer Sun, co-executive directors of Asian Americans for Equality. “We are grateful to our partners in government and the private sector for ensuring that this project moves forward safely and efficiently.”
The project is being undertaken through the NYC Department of Housing Preservation and Development’s Neighborhood Construction Program, which transforms city-owned vacant infill parcels. Funders include Enterprise Community Partners, Low Income Investment Fund (LIIF), HPD, the NYC Housing Development Corp. (HDC), City Council Member Carlina Rivera, City Council Member Margaret Chin and Manhattan Borough President Gale Brewer. Additional financing was provided by Enterprise Community Loan Fund, Seachange Capital Partners, TD Bank Charitable Foundation, Deutsche Bank Americas Foundation, Wells Fargo, Valley Bank and M&T Bank.
Big milestone reached for an East Village affordable housing development we’re building w/@AAFE1974 in my district. With the roof on, we’ll be ready to open for families in 2021.
Funding homes for low-income + formerly homeless NYers has always been one of my Council priorities. pic.twitter.com/45pROAgvcY
— Carlina Rivera 利華娜 (@CarlinaRivera) August 28, 2020
East Village Homes was designed by Leroy Street Studio, The general contractor is A.A.D. Construction.
The building’s facade will feature a layered system of stucco panels that play off of an array of metal panels with custom-perforated designs. Integrated active design principles include bike storage, easily-accessible outdoor green space and visible stairs and circulation pathways. Building amenities will include a shared roof terrace, a meeting space off of the main lobby and a laundry facility.
AAFE has built more than 1,000 units of affordable housing across New York City, and manages over 800 apartments in Manhattan and Queens.