Co-op City, the nation’s largest cooperative housing development, has a rare chance via historically low interest rates to secure tens-of-millions in savings to make immediate repairs and upgrades via a refinancing option.
On April 8, Congressman Jamaal Bowman and U.S. Senator Charles Schumer reveled that this money will only come if the federal government, specifically Housing and Urban Development (HUD) acts now. If approved by HUD, Co-op City would get $100 million immediately and $800,000 a year in mortgage savings.
