2024-10-30T09:08:37-05:00 2023-12-31 873707167 CBIZ MARKS PANETH LLC 685 THIRD AVENUE NEW YORK NY 10017 990 2023-01-01 134103352 AAFE COMMUNITY DEVELOPMENT FUND INC AAFE 2129642288 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 THOMAS YU PRESIDENT/ED 2129642288 2024-10-28 1 1 MAGDALENA CZERNIAWSKI P00535099 2125038800 2024-10-28 2023 2024-10-15 13:58:12Z THOMAS YU 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 875802 0 X WWW.AAFECDF.ORG X 2000 NY AAFE COMMUNITY DEVELOPMENT FUND, INC. PROVIDES TARGETED TECHNICAL ASSISTANCE AND AFFORDABLE SECOND MORTGAGE LOANS TO ENHANCE HOME-OWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME RESIDENTS OF NEW YORK CITY, INCLUDING ASIAN-AMERICANS, MINORITIES AND IMMIGRANTS. 5 4 3 4 0 0 346630 556473 125372 74094 3484 25451 211797 203308 687283 859326 0 0 0 0 267174 342405 0 0 0 370527 379424 637701 721829 49582 137497 7122719 6972057 2793118 2504960 4329601 4467097 AAFE COMMUNITY DEVELOPMENT FUND, INC. PROVIDES TARGETED TECHNICAL ASSISTANCE AND AFFORDABLE SECOND MORTGAGE LOANS TO ENHANCE HOME-OWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME RESIDENTS OF NEW YORK CITY, INCLUDING ASIAN-AMERICANS, MINORITIES AND IMMIGRANTS. 0 0 337732 136298 HOME OWERSHIP PROGRAM - THIS PROGRAM PROVIDES TARGETED TECHICAL ASSISTANCE TO ENHAMCE HOMEOWNERSHIP FOR LOW MODERATE INCOME ASIAN-AMERICANS AND OTHER MINORITY AND IMMIGRANT RESIDENTS OF NEW YORK CITY. SERVICES INCLUDE: FIRST TIME HOMEBUYER TRAINING, MORTGAGE REFERREL AND ORIGINATION, HOMEOWNERSHIP RETENTION, LANDLORD COUNSELING, AND MORTGAGE DELINQUENCY AND DEFAULT RESOLUTION. 303854 CDFI AND LOAN PROGRAM - THE CDFI AND LOAN PROGRAM PROVIDES AFFORDABLE FINANCING TO HELP FIRST-TIME HOME BUYERS IN NEW YORK CITY WITH THEIR DOWNPAYMENTS; THUS LOWERING THE LOAN-TO-VALUE RATIO OF THEIR PRIMARY MORTGAGE. THIS PROGRAM ALSO OFFERS A RANGE OF AFFORDABLE DOWN PAYMENT, EMERGENCY REPAIR AND HOME REHABILITATION LOAN PRODUCTS. 641586 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X THOMAS YU PRESIDENTED 2129642288 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 DONNA CHIU DIRECTOR 1.00 X 0 0 0 HEIDIE JOO BURWELL DIRECTOR 1.00 X 0 0 0 JIM BURKE DIRECTOR 1.00 X 0 0 0 LYDIA TOM DIRECTOR 1.00 X 0 0 0 THOMAS YU PRESIDENT/ED 1.00 39.00 X X 0 279045 66264 EDDIE WONG DEPUTY MANAGING DIRECTOR 40.00 X 105841 0 20164 JESSIE LEE MANAGING DIRECTOR 5.00 35.00 X 0 175773 25098 JOY SUZANNE GRANADO CHIEF ACCOUNTING OFFICER 1.00 39.00 X 0 192545 28046 105841 647363 139572 1 0 1 0 0 33964 66857 455652 556473 LOAN INTEREST 900099 64165 64165 LOAN FEES 900099 5779 5779 OTHER PROGRAM INCOME 900099 4150 4150 74094 25451 25451 157580 16476 141104 141104 141104 FEE REIMBURSEMENT 900099 62132 62132 VERIZON CREDIT 900099 72 72 62204 859326 136298 0 166555 124673 118439 6234 158236 152494 5742 5319 5123 196 26821 25829 992 27356 26213 1143 7725 7402 323 48576 23137 25439 23874 22877 997 67662 64835 2827 86026 84783 1243 87428 83776 3652 15728 15071 657 BAD DEBT 30083 30083 REPAIRS AND MAINTENANCE 7230 6679 551 EQUIPT. RENTAL & MAINT. 3760 3603 157 LOAN AND CREDIT RELATED 1201 1201 131 124 7 721829 641586 80243 0 1189869 551267 538907 1506341 90902 63955 674787 731337 7479 7717 3949721 951187 3085962 2998534 1534813 1112906 7122719 6972057 73293 126711 1405767 1365617 1314058 1012632 2793118 2504960 X 4094195 4467097 235406 0 4329601 4467097 7122719 6972057 137497 0 X X 0 1 X 1 0 X 185834 282017 288451 346630 363671 1466603 185834 282017 288451 346630 363671 1466603 71155 1395448 160133 172692 156552 157984 183031 830392 1527 9146 56141 73450 255005 395269 2692264 578816 0.51830 0.58560 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2019 AMOUNT: $ 1,527. 2020 AMOUNT: $ 9,146. 2021 AMOUNT: $ 6,671. 2022 AMOUNT: $ 5,986. 2023 AMOUNT: $ 192,873. FEE REIMBURSEMENT - 2021 AMOUNT: $ 49,470. 2022 AMOUNT: $ 67,464. 2023 AMOUNT: $ 62,132. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 540000 540000 3409721 951187 2458534 2998534 DUE FROM AFFILIATES 1032255 CASH RESERVE 80651 1112906 DUE TO AFFILIATES 46316 LOANS PAYABLE TO AFFILIATES 966316 1012632 X 875801 0 875801 -16476 -16476 859325 738305 16476 16476 721829 0 721829 PART X, LINE 2: AAFE CDF BELIEVES IT HAD NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022, IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENT EXPENSE ON SUBLEASE OFFSET AGAINST RENT INCOME -16,476. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE ON SUBLEASE OFFSET AGAINST RENT INCOME 16,476. 0 0 0 0 0 0 0 0 0 THOMAS YU PRESIDENT/ED 0 279045 0 0 0 0 0 9754 0 56510 0 345309 0 0 JOY SUZANNE GRANADO CHIEF ACCOUNTING OFFICER 0 192545 0 0 0 0 0 7617 0 20429 0 220591 0 0 JESSIE LEE MANAGING DIRECTOR 0 175773 0 0 0 0 0 7221 0 17877 0 200871 0 0 PART I, LINE 3 THE COMPENSATION OF THE PRESIDENT/ED IS ESTABLISHED BY THE RELATED ENTITY, ASIAN AMERICAN FOR EQUALITY, INC. FORM 990, PART VI, SECTION A, LINE 4 THE GOVERNING BOARD ADDED TERM LIMITS TO BOARD MEMBERS SERVING ON THE BOARD TO THE BY-LAWS. FORM 990, PART VI, SECTION A, LINE 6 AAFE COMMUNITY DEVELOPMENT FUND, INC. IS A MEMBERSHIP ORGANIZATION WITH ASIAN AMERICANS FOR EQUALITY, INC. AS A SOLE MEMBER. OTHER PERSONS MAY BECOME A MEMBER ONLY AFTER FAVORABLE ACTION BY THE CURRENT MEMBERS AND THE BOARD OF DIRECTORS OF THE CORPORATION. THE BOARD OF DIRECTORS OF THE CORPORATION MAY ESTABLISH SUCH OTHER CRITERIA FOR MEMBERSHIP AS THEY DEEM APPROPRIATE. FORM 990, PART VI, SECTION A, LINE 7A ASIAN AMERICANS FOR EQUALITY, INC., BEING THE SOLE MEMBER, IS ENTITLED TO APPOINT THE DIRECTORS; PROVIDED, HOWEVER, THAT IN THE EVENT THAT ADDITIONAL PERSONS ARE ACCEPTED AS MEMBERS OF THE CORPORATION PURSUANT TO SECTION 2.2 OF THE ORGANIZATION'S BY-LAWS, THE NUMBER OF DIRECTORS TO BE APPOINTED BY EACH MEMBER MAY BE REAPPORTIONED BY A FAVORABLE ACTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING CORPORATE ACTIONS MAY NOT BE TAKEN WITHOUT THE APPROVAL OF THE MEMBERS: (1) ANY AMENDMENT OF OR CHANGE TO THE CERTIFICATE OF INCORPORATION OR (2) A PETITION FOR JUDICIAL DISSOLUTION; (3) DISPOSING OF ALL, OR SUBSTANTIALLY ALL, OF THE ASSETS OF THE CORPORATION, (4) APPROVAL OF A PLAN OF MERGER, (5) AUTHORIZATION OF A PLAN OF NON-JUDICIAL DISSOLUTION, OR (6) REVOCATION OF A VOLUNTARY DISSOLUTION PROCEEDING. (7) REMOVE ANY DIRECTOR ANY TIME WITH OR WITHOUT CAUSE BY A VOTE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT. AT LEAST 7 DAYS PRIOR TO FILING, THE ORGANIZATION DISTRIBUTES A DRAFT FORM 990 TO THE BOARD FOR REVIEW. FIVE DAYS ARE ALLOWED FOR FEEDBACK, THROUGH THE BOARD TREASURER, BEFORE FORM 990 IS FINALIZED AND FILED WITH THE IRS. A COPY OF THE FILED FORM 990 IS PROVIDED TO THE BOARD FOR THEIR RECORDS. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS AND OFFICERS ARE ISSUED WITH A COPY OF THE ORGANIZATION'S CURRENT CONFLICT OF INTEREST (COI) POLICY UPON APPOINTMENT, AND ANNUALLY THEREAFTER. DIRECTORS AND OFFICERS COMPLETE ANNUAL DECLARATIONS TO EITHER CONFIRM NO CONFLICTS, OR IDENTIFY POSSIBLE AND/OR ACTUAL CONFLICTS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC BY REQUEST TO ANY BOARD MEMBER OR OFFICER. THESE DOCUMENTS ARE MAINTAINED AT THE ORGANIZATION'S REGISTERED OFFICE. FORM 990, PART XI, LINE 2C: THE PROCESS OF OVERSEEING THE AUDIT AND SELECTION OF INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM PRIOR YEAR. 4 NYC HOUSING INC 141 NORFOLK STREET NEW YORK NY 10002 821711103 PROMOTE COMMON GOOD AND WELFARE AND ECONOMIC DEVELOPMENT IN NEW YORK NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 AAFE FAIR HOUSING CENTER INC 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 133943782 LEASE OFFICE SPACE IN THE JACKSON HEIGHTS NEIGHBORHOOD OF QUEENS NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 AAFE NEW AMERICANS OPPORTUNITY FUND INC 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 814698636 PROMOTE COMMON GOOD AND WELFARE AND ECONOMIC DEVELOPMENT IN NEW YORK NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 ASIAN AMERICAN HOUSING DEVELOPMENT FUND COMPANY INC 141 NORFOLK STREET NEW YORK NY 10002 133376278 PROVIDES AFFORDABLE HOUSING DEVELOPMENT AND PRESERVATION NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 ASIAN AMERICANS FOR EQUALITY INC 2 ALLEN 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HOUSING DEVELOPMENT AND PRESERVATION NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 MADISON STREET HOUSING DEVELOPMENT FUND COMPANY INC 141 NORFOLK STREET NEW YORK NY 10002 811725502 PROVIDES AFFORDABLE HOUSING DEVELOPMENT AND PRESERVATION NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 MONTGOMERY HOUSING DEVELOPMENT FUND COMPANY INC 141 NORFOLK STREET NEW YORK NY 10002 462101950 DEVELOPING A HOUSING PROJECT FOR PERSONS OF LOW INCOME NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 ONE FLUSHING HDFC 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 814301765 DEVELOPING A HOUSING PROJECT FOR LOW-INCOME FAMILIES NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 QUEENS HOUSING AND IMMIGRATION CENTER CORPORATION 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 900098029 PROVIDES IMMIGRANT HOUSING AND SOCIAL SERVICES NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 133946529 PROVIDES AFFORDABLE LOANS AND TARGETED TECHNICAL ASSISTANCE NY 501(C)(3) LINE 7 ASIAN AMERICANS FOR EQUALITY INC 0 RIVINGTON HOUSING DEVELOPMENT FUND COMPANY INC 141 NORFOLK STREET NEW YORK NY 10002 571230118 DEVELOPING A HOUSING PROJECT FOR LOW-INCOME FAMILIES NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 STANTON NORFOLK INC 141 NORFOLK STREET NEW YORK NY 10002 261880608 MANAGING ALL OF ITS PARENT ORGANIZATION, AAFE'S HOUSING DEVELOPMENTS NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 CHELSEA APTS HOUSING DEVELOPMMENT FUND CORP 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 320676960 DEVELOPING A HOUSING PROJECT FOR LOW-INCOME FAMILIES NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 73 LOISAIDA HOUSING DEVELOPMENT FUND CORP 108 NORFOLK ST NEW YORK NY 10002 933417619 PROVIDES AFFORDABLE HOUSING DEVELOPMENT AND PRESERVATION NY 501(C)(3) LINE 10 ASIAN AMERICANS FOR EQUALITY INC 0 NORFOLK APARTMENTS LP 141 NORFOLK STREET NEW YORK NY 10002 133952058 PROVIDE LOW-INCOME HOUSING IN NEW YORK NY N/A 0 0 NORFOLK APARTMENTS II LP 141 NORFOLK STREET NEW YORK NY 10002 134185980 PROVIDE LOW-INCOME HOUSING IN NEW YORK NY N/A 0 0 EAST VILLAGE HOMES 302 EAST 2ND STREET NEW YORK NY 10009 834679494 PROVIDE AFFORDABLE RENTAL HOUSING NY N/A 0 0 BREMOND KING DAVIS LLC 108 NORFOLK STREET NEW YORK NY 10002 473857307 PROVIDE AFFORDABLE RENTAL HOUSING NY N/A 0 0 HARMONY 106 CORP 141 NORFOLK STREET NEW YORK NY 10002 474677213 CONST/REHAB NYC BLDGS TO PROVIDE AFFORD. RENTAL HOUSING NY N/A C 0 ONE FLUSHING NP LLC 141 NORFOLK STREET NEW YORK NY 10002 474487628 CONST/REHAB NYC BLDGS TO PROVIDE AFFORD. RENTAL HOUSING NY N/A C 0 AAFE NEW AMERICAN OPPORTUNITY FUND INC 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 814698636 PROMOTE COMMON GOOD, WELFARE, AND ECONOMIC DEVELOPMENT IN NY NY N/A C 0 EAST VILLAGE HOMES MANAGER CORP 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 842532839 HOLDING COMPANY NY N/A C 0 EAST VILLAGE HOUSING DEVELOPMENT FOUND COMPANY INC 2 ALLEN STREET 7TH FLOOR NEW YORK NY 10002 841971812 HOLDING COMPANY NY N/A C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0