U.S. Senate Majority Leader Charles Schumer and U.S. Rep. Jamaal Bowman announced Tuesday that the federal government has processed and approved Co-op City’s federal Housing and Urban Development (HUD) loan refinance, which will maintain long-term housing quality and affordability for the tens of thousands of residents in there.
Refinancing provides the housing company with $125 million in proceeds that will be used for capital improvements, including upgrades to the HVAC system, façade maintenance and electrical system upgrades.
“Since my first day in office, I have heard from Co-op City residents about the urgent need for capital repairs,” Bowman said. “As the largest cooperative housing development in our nation, Co-op City provides stable housing and a flourishing community for 45,000 of my constituents, many of whom are seniors. These capital improvements will help create a safer, more resilient, and thriving Co-op City.”
In April 2021, Schumer and Bowman stood with residents of Co-op City to reveal that the housing development had a rare chance to secure tens of millions in savings to make immediate repairs and significant upgrades via a refinancing option that would require the federal government, specifically HUD, to act.
Co-Op City is home to more than 45,000 residents on 320 acres – the single largest co-op development in the country. The site has multiple schools, three commercial malls and its own power plant. It has provided tens of thousands of families the opportunity to grow up in a stable middle-class community.
Co-op City to receive $125M through loan refinancing earmarked for capital improvements
Photo courtesy Jim Henderson