Looks like there may be a reason to find new digs in Co-Op City after all. Regarded as the nation’s largest housing complex, the 44-old set of buildings will be receiving a whopping $621 million loan from the government (via Wells Fargo & Co.) that will require it to stay in an affordable housing program for decades, and as a result, saving as much as $150 million by doing so. CBS reports:
Governor Andrew Cuomo, Mayor Michael Bloomberg and the federal Department of Housing and Urban Development announced the agreement Wednesday. Wells Fargo & Co. is making the loan, and government entities are guaranteeing it. The loan will pay for various maintenance and repair projects at the 44-year-old Bronx complex, which houses about 60,000 people.
The complex will pay off an existing, more expensive mortgage. Herbert Freedman, managing agent for Co-op City, said the new loan will let the complex do needed work without raising charges to owners. Located in the Baychester section of the Bronx, Co-Op City sits on the former site of a short-lived history-themed amusement park called Freedom Land. The development of 35 high-rises and seven groups of townhouses was constructed between 1966 and 1973, and residents began moving in during December 1968.