Hochul Makes an Affordable Housing Announcement in The Bronx

On May 2, Governor Kathy Hochul, U.S. Department of Housing and Urban Development Secretary Marcia Fudge, Senator Charles Schumer, and Representative Jamaal Bowman announced that Riverbay Corporation, the management company for Co-op City, the U.S. Department of Housing and Urban Development, Wells Fargo, the Mortgage Insurance Fund of the State of New York Mortgage Agency, and NYC Housing Development Corporation have processed and approved Co-op City’s Department of Housing and Urban Development loan refinance.

The refinance will maintain long-term housing quality and affordability for the tens of thousands of residents who call Co-op City home. Refinancing provides the housing company with $124 million in proceeds that will be used for capital improvements, including upgrades to the heating, ventilation, and air conditioning system, façade maintenance, and electrical system upgrades.

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Source: The Office of Governor Kathy Hochul