Co-Op City seen from the Pelham Bay Bridge
Photo courtesy of Jim Henderson
U.S. Senate Majority Leader Charles Schumer and U.S. Representative Jamaal Bowman announced on Tuesday that the federal government has processed and approved the refinancing of Co-op City’s Federal Housing and Urban Development (HUD) loan, that will maintain the quality and affordability of housing over the long term for the tens of thousands of residents there.
The refinancing provides the housing corporation with proceeds of $125 million that will be used for capital improvements, including HVAC system upgrades, facade maintenance and electrical system upgrades.
“Since my first day in office, I have heard from Co-op City residents talking about the urgent need for major repairs,” Bowman said. “As our nation’s largest co-op housing development, Co-op City provides stable housing and a thriving community for 45,000 of my constituents, many of whom are seniors. These capital improvements will help create a safer, more resilient and prosperous co-operative city. »
In April 2021, Schumer and Bowman stood with Co-op City residents to reveal the housing development had a rare chance at tens of millions in savings to make immediate repairs and major upgrades via a refinance option that would require the federal government, specifically HUD, to act.
Co-Op City is home to over 45,000 residents on 320 acres – the nation’s largest co-op development. The site has several schools, three shopping centers and its own power plant. It has allowed tens of thousands of families to grow up in a stable, middle-class community.