Co-op City, the nation’s largest affordable housing cooperative, has secured $621 million in refinancing loans from the federal government with $124 million in repair and improvement projects, as well as 10-year extended affordability for 15,372 units in the area.
An estimated 45,000 residents call Co-op City home with 35 high-rise buildings and seven clusters of townhouses in the borough’s northeast section. But decaying infrastructure of the area’s half-century-old apartments had been an increasing issue for residents over the past few years.
The mortgage loan from Wells Fargo includes $15 million for immediate capital repairs, including approximately $10 million for balcony and façade repair, $2.5 million for the replacement of residential water pumps, and $2.5 million for the replacement of garage elevators.
“My administration is committed to maintaining access to safe, quality affordable housing that enables New Yorkers to live with the dignity they deserve,” Gov. Kathy Hochul said at a press conference at Dreiser Loop on Monday. “This transformative injection of capital funding will allow us to modernize Co-op City, the largest housing cooperative in the world, and ensure long-term affordability for its 45,000 residents.”
Co-op City Board President Bernard Cyclich said the loan will “reduce the need for our residents to pay huge fee increases.”
The loan also includes $109 million to replenish a reserve account for future repairs, all without raising maintenance charges for residents.
The approval from the U.S. Department of Housing and Urban Development concludes a year-long push by Senate Majority Leader Chuck Schumer and U.S. Rep. Jamaal Bowman, who represents the area, to ensure action from the federal government to boost the colossal north Bronx residential complex. Schumer said that the refinancing would clear the way for repairs and upgrades in the “oasis of affordability.”
“The Bronx’s Co-op City provides an affordable home to more than 45,000 New Yorkers in an increasingly expensive housing market. That’s why I worked to secure a timely refinance agreement for Co-op City, which will help maintain the quality, viability and long-term affordability of this one-of-a-kind community,” said Schumer. “The deal will also improve the lives of the residents by allowing repairs and other improvements to be made, all while providing affordable housing for generations to come. We haven’t stopped pushing and working with HUD to lock in the refinance and we are proud to announce HUD approval.”
Reach Robbie Sequeira at email@example.com or (718) 260-4599. For more coverage, follow us on Twitter, Facebook and Instagram @bronxtimes