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.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."