AAFE Community Development Fund

Products

Knowledge is the key to a home of your own. . .

Learn how to avoid the pitfalls when making one of the biggest investments in your lifetime !

AAFE CDF Loan Products

The AAFE CDF offers a variety of loan products designed to make homeownership affordable.

Down Payment Assistance Loan
This assistance program is designed to help first time homebuyers with their down payments, lowering the loan-to-value ratio of their primary mortgage.

Emergency Repair Loan
This product will enable low- and moderate- income families, seniors, the disabled and families living with the disabled to complete emergency repairs on their homes in a timely, affordable way, thereby avoiding the very high interest rates and other damaging lending practices of some home improvement companies and second mortgage lenders.

Rehabilitation Loan
This product will allow homeowners to complete the rehabilitation of dilapidated and deteriorated homes.

Conversion Loan
This product will allow homeowners to convert single-family dwellings into legal, safe two-and three-family dwellings. These conversions will:
* Bring illegally converted homes into compliance with building and fire safely codes;
* Increase the affordability of homes for lower-income homebuyers through the generation of rental income; and
* Increase the availability of affordable rental housing for low-income immigrant families.

Down Payment Assistance Loan
Amount: up to $75,000
Term: up to 10 years
Interest rate: 6% to 7.5%

Emergency Repair Loan
Amount: up to $15,000
Term: up to 10 years
Interest rate: 3% to 6%

Rehabilitation Loan
Amount: up to $50,000
Term: up to 10 years
Interest rate: 3% to 7%

Conversion Loan
Amount: up to $50,000
Term: up to 10 years
Interest rate: 6% to 7%

SELECTED CLIENTS PROFILE :
Barron Family
Little Neck, New York
Mrs. Helfenbein
West Hempstead, Long Island
Mr. and Mrs. Sasso
Brooklyn, New York
Mr. and Mrs. Khan and Family
Jackson Heights, Queens