State housing agency agrees to lend hundreds of millions to Co-op City
Six months after declaring a crisis in Co-op City, there may be some good new for the Bronx community. The state housing agency has agreed to lend Co-op City $275 million for repairs and $250 million for refinancing. The agency will also forgive millions of dollars in debt.
Assemblyman Stephen Kaufman (D-BX) says the money would be used to rebuild garages and fix building balconies and facades. In addition to structural repairs, $18 million would go to Co-Generation, which is Co-op City's own power source. Co-Generation has not worked in years, and officials plan to sell power to neighboring communities once the facility is up and running.
The plan does come at a price to shareholders, who may see a 20 percent increase in maintenance fees.
The plan still needs final approval from the state and Co-op City shareholders.