HUD Refinance Provides $124 Million to Co-Op City to Keep Housing Affordable for 45,000 Residents

Commissioner/CEO of NYS Homes and Community Renewal Ruth Anne Visnauskas, NY State Senator Jamaal Bailey, Congressman Jamaal Bowman; NY Governor Kathy Hochul, U.S. Senator Charles Schumer, HUD Region II Regional Administrator Alicka Ampry-Samuel, and Riverbay Corporation Board VP Bernard Cylich.

HUD Field Office Director Adam Glantz, HUD Region II Regional Counsel Ventura Simmons, HUD Senior Underwriter Bonnie Nesbitt, HUD Region II Regional Administrator Alicka Ampry-Samuel, and HUD Closing Coordinator Karen Solt

HUD Region II Alicka Ampry-Samuel delivers remarks at the Co-Op City refinance press conference on May 2, 2022

HUD Region II Regional Administrator Alicka Ampry-Samuel delivered remarks at a press conference held to announce the closing of the refinancing of Co-op City's HUD loan, which will maintain long-term housing quality and affordability for the over 45,000 residents. New York Governor Kathy Hochul, U.S. Senator Charles Schumer, U.S. Congressman Jamaal Bowman, NY State Senator Jamaal Bailey, Commissioner/CEO of NY State Homes and Community Renewal Ruth Anne Visnauskas, and Co-Op City management company Riverbay Corporation Board VP Bernard Cylich addressed residents eager to see improvements in the 50-year-old cooperative.

"We applaud the successful completion of the refinance for the Bronx's Co-op City Complex," said Secretary Marcia L. Fudge. "The Biden-Harris Administration and HUD are committed to stabilizing the housing market nationwide using every tool at our disposal, including utilizing Federal Housing Administration multifamily mortgage insurance as a key financing source. From supporting larger loans in major metropolitan areas to smaller loans in rural communities and suburbs, HUD is proud to partner in creating and preserving affordable housing across the country."

HUD FHA, Wells Fargo, the Mortgage Insurance Fund of the State of New York Mortgage Agency, and NYC Housing Development Corporation closed on the refinancing of Co-op City's HUD loan, which provides the housing company with $124 million in proceeds that will be used for capital improvements, including upgrades to the HVAC, façade maintenance, and electrical systems.

Senior Underwriter Bonnie Nesbitt, Closing Coordinator Karen Solt, Multifamily Northeast Region Director Brett Wise, and Regional Counsel Ventura Simmons were among the HUD colleagues that worked tirelessly on Co-Op City’s refinancing to make this effort a success.

Co-op City is a New York State Mitchell-Lama housing cooperative in the northeast Bronx with 15,372 residential units in 35 high-rise buildings and seven townhouse clusters of garden and duplex apartments. It is the largest single residential development in the United States, with a population of approximately 50,000 residents and its own zip code, 10475. Only 20 percent of the 320 acres of land is developed, featuring vast green spaces and a park-like environment.

"One of HUD's top priorities is preserving affordable housing, and this refinancing ensures Co-op City remains affordable for thousands of families," said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. "It is also crucial that this development remain safe, and residents continue to live in updated, quality units, made possible by HUD FHA's influx of funds. Co-op City families will benefit from these improvements and will be able to enjoy their community for many years to come."

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