The largest cooperative housing development in the world will stay affordable through 2052.
On April 3, the New York City Department of Housing Preservation and Development announced the preservation of 16,083 affordable homes for New Yorkers, including Co-op City and Cooper Square, the oldest Community Land Trust in the city.
The 15,372 homes spread across 72 buildings will remain affordable for low-income New Yorkers. In 2017, the city announced plans to invest $250 million and keep the development affordable.
Co-op City’s General Manager Noel Ellison praised the city for this decision.
“Riverbay Corporation appreciates having HPD partner with us on the final phases of this lobby entrance project,” Ellison said. “As a result of this joint initiative, Co-op City’s building entrances will be 100 percent ADA compliant. This financing allows us to free up additional funds for the many capital projects we are currently undertaking. A special note of gratitude goes to our Councilman Andy King, for putting this effort in motion.”
The affordability agreement guarantees Co-op City’s continued participation in the Mitchell-Lama program for decades. The major development will receive ADA compliant accessibility upgrades for 45 buildings thanks to a $1 million commitment from City Council.
In a time with so much death and sadness, this was some bright news. Assemblyman Michael Benedetto expressed excitement.
“The mayor’s Housing Plan to invest $6.6 billion in affordable housing by 2026 comes at crucial time for a large portion of our city,” Benedetto said. “Through the NYC HPD funding, Co-op City, the gem of affordable housing in the Bronx, will be able to undertake key capital projects without adding any financial burdens onto its shareholders.”
Council Speaker Corey Johnson shared his sentiments.
“Securing affordable housing units, especially during these unprecedented times, is critical in keeping New Yorkers in their homes,” Johnson said. “As the coronavirus pandemic worsens, maintaining affordable housing units is key to combating homelessness. As part of its efforts, the City Council designated $1 million to provide accessibility upgrades in Co-op City, the biggest housing cooperative in the nation.”