Chinatown Lower East Side Acquisition Program

LMDC allocated $16 million for the preservation and rehabilitation of 160 or more units through the Chinatown/Lower East Side Acquisition and Preservation Program (Chinatown/LES Program). This program will establish housing that is permanently affordable under rent stabilization. The program focuses on the acquisition of mid-size buildings (15-40 units) that currently have all or a portion of the units under rent stabilization, where average rents are under $1,000. Eligible borrowers for this program would be non-profit residential property managers and developers, who would agree to keep units under rent stabilization for a term of 30 years. Additionally, upon vacancy, non-stabilized units must be lowered to the average stabilized rent and returned to rent stabilization. The Chinatown/LES Program aims to benefit households benefit households up to 80% of AMI.

Chinatown LDC

LMDC allocated up to $7,000,000 to fund the Chinatown Partnership Local Development Corporation (LDC) that would spearhead community improvements in Chinatown, engage in a combination of short-term projects and long-term planning. The creation of the Chinatown Partnership LDC – a community-based, not-for-profit organization that has brought together major civic organizations, cultural institutions, and businesses in the community – marks a significant milestone for the neighborhood. The Chinatown Partnership LDC was formed in 2004 as a result of the Rebuild Chinatown Initiative (RCI) – a comprehensive community assessment and planning initiative that was conducted by Asian Americans for Equality (AAFE) to address the needs of Chinatown in the aftermath of September 11, 2001.

Chinatown Clean Streets Program

The Clean Streets program will serve as a pilot, and will allow the community to see first-hand the benefits of this program. The program will include manual and mechanical sweeping of the sidewalks, curbs and gutters, frequent removal of bagged litter from street corners, pressure cleaning of sidewalks, graffiti removal, and additional maintenance. The initiative will also provide for the necessary public outreach and community relations work to ensure that the community understands the benefits of the pilot program and begins to take ownership of the services over time. The program will not replace any existing services provided by the City’s Department of Sanitation, nor will it affect any type of decrease in garbage service in the geographic area that the program will cover. The SBS has developed expertise in overseeing and implementing such programs throughout the City with Business Improvement Districts and LDC’s, and will work jointly with the Chinatown Partnership LDC.