U.S. Senate Majority Leader Charles Schumer and U.S. Rep. Jamaal Bowman announced Tuesday that the federal government has processed and approved Co-op City’s federal Housing and Urban Development (HUD) loan refinance, which will maintain long-term housing quality and affordability for the tens of thousands of residents in there.
Refinancing provides the housing company with $125 million in proceeds that will be used for capital improvements, including upgrades to the HVAC system, façade maintenance and electrical system upgrades.
Co-op City to receive $125M through loan refinancing earmarked for capital improvements
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