Enterprise NY Celebrates Green Rehabilitation of 81 Madison Street, 117-Year Old Tenement in Chinatown
This week, Enterprise New York joined the New York City Department of Housing Preservation and Development (HPD) and Asian Americans for Equality (AAFE) to unveil 81 Madison Street, a 20-unit building in Manhattan’s Chinatown neighborhood that was one of the first buildings to participate in HPD’s Green Housing Preservation Program, which provides financing for green improvements. The $2.25 million preservation project maintains the affordability and brings important energy- and water-efficient upgrades to the 117-year-old building. Enterprise Community Loan Fund provided a $1,260,000 loan for the rehabilitation.
HPD’s Green Housing Preservation Program, which was created with input from Enterprise, provides low- and no-interest loans to finance energy efficiency and water conservation improvements as well as moderate building rehabilitation. In addition to the green improvements, the building benefited from upgrades to the living spaces as well, and will provide healthy affordable housing for low- and moderate-income households for years to come.