Yesterday, Mayor Bloomberg and Governor Cuomo announced that Co-op City in the Bronx, the nation's largest development in the Mitchell-Lama program, secured a $621.5 million refinance loan that will allow it to remain affordable for 35 more years. The loan refinances Co-op City's debt at a 2.4 interest rate and allows the co-op to prepay its current mortgage. It is the largest loan ever insured by HUD. [Mayor's Office via TRD; previously]
Filed under:
Loading comments...