FYI: Asian Americans for Equality launched a $1.5 million affordable housing development fund this week, financed through a grant from the Federal Home Loan Mortgage Corporation. Nonprofit developers will be able to tap into the fund for affordable housing construction and rehabilitation below Houston Street, generating what the group estimates will be more than 100 new affordable units. Chinatown community development advocates have complained that they have thus far been unable to secure adequate funding for affordable housing development from the Lower Manhattan Development Corporation. [6/4/03]
