NEW YORK (PIX 11)— Several New York leaders and politicians secured a multi-million dollar deal to revitalize housing in Co-op City in the Bronx, Gov. Kathy Hochul announced Monday.
The refinancing plan secured $621.5 million to build 372 units in Co-op City over the next 35 years. Another $124 million will be allocated for repairs and maintenance over the next decade, Hochul said. The city has 45,000 residents.
“This allows us to modernize Co-op City without raising maintenance costs,” Hochul said. “We have to protect long-term affordability in places like the Bronx. It’s a basic human right.”
Sen. Chuck Schumer said the federal, state and city officials worked with the Housing of Urban Development to get the deal done in 45 days. He said the new units won’t be luxury apartments but will keep it good for future generations.
“If you don’t have a decent place to live, that’s it,” Schumer said. “We got to keep it good so your children will be able to live here as well.”
Low-interest rates made the refinancing possible, allowing critical repairs for elevators, landscaping, plumbing, and parking, etc. There were $621 million in loans held by Wells Fargo but backed by the federal government. HUD backed the loan and refinanced it with Wells Fargo, Schumer said.
Rep. Jamal Bowman, of the Bronx, also worked closely with HUD to bring the deal home. He said housing is a human right and a health care issue because housing insecurity causes incredible stress.
“There’s a lot to celebrate,” Bowman said. “We got it done.”