AFL-CIO Invests in Lands End II Housing
Affordable living on the Lower East Side just received a helping hand from the AFL-CIO Housing Trust Investment. Thanks to a $90 million investment, the 490 low-income units in the Lands End II towers on Cherry Street will remain affordable. Citybiz Real Estate has the scoop:
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The AFL-CIO Housing Investment Trust has bought $90 million of the $175 million Fannie Mae mortgage-backed securities from Beech Street Capital in a refinance of the Lands End II development on the Lower East Side. The move will keep 490 units as affordable in the project’s twin 26-story towers.
Developed in 1979, Lands End II was New York City’s first Section 8 family project, developed by the Two Bridges Neighborhood Council in partnership with the Settlement Housing Fund. Many residents are union members, both retired and still employed.
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