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Directory of NYC Housing Programs

Chinatown/Lower East Side Acquisition Program

The Chinatown/Lower East Side Acquisition Program provided assistance to pre-qualified non-profit organizations to preserve the affordability of housing in the Chinatown and Lower East Side neighborhoods. To qualify, non-profit developers had to have experience owning, administering, and rehabilitating low- or moderate-income housing. Small and mid-size buildings with average rents affordable to households earning no more than 80 percent of Area Median Income (AMI) and that are located in the target area could be eligible for purchase by the pre-qualified non-profits. Funding was available to fill the gap between private debt supportable by the project and the acquisition cost. The non-profit organization must maintain the affordability of the units by adhering to rent regulation laws, filling vacancies only with eligible tenants, and setting rents at affordable levels for at least 30 years after acquisition.

Program Information Help Icon

  • Alternative Name(s): Chinatown/Lower East Side Acquisition and Preservation Program
  • Supply/Demand: Supply
  • Category: Land and Financing
  • Scale: Small Scale (between 1 and 999 units)
  • Timeframe: Started 2002
  • Occupancy tenure: Rental
  • Construction Type: Rehabilitation
  • Building Type: Multi-family
  • Developers/Owners: Non-profit
  • Geographic Restrictions: Site-based Redevelopment
  • Income Restrictions: Units must be affordable to households with an annual income of up to 80 percent of Area Median Income (AMI).

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