Co-op City may not be getting the full $475 million it was promised
Co-op City may not be getting the full $475 million aid package that the state housing agency promised to it. A refinancing plan was approved by Co-op City shareholders a few months ago that would provide money to complete necessary repairs.
Approximately $275 million was supposed to come from outside sources such as lending, borrowing and investments. However, officials say the city's approval rating is so low that it may not get that money.
State Assemblyman Stephen Kaufman (D-BX) says he is doing everything he can to draw up a new deal. Kaufman is working with the managers of the Co-op City area, Riverbay Corporation, to find an immediate solution.
The $275 million was going to be used to fix-up parking garages and other infrastructures in the city. Currently, five garages remain closed.