On Sunday, Governor Andrew Cuomo announced an agreement that will allow a 361-unit housing complex on Roosevelt Island to remain affordable for the next 30 years, reports the New York Daily News.
The new agreement will allow the owners Westview housing development to leave the Mitchell-Lama program, however, tenants will be given the option to either buy their apartments at prices below market-rate (around 30 percent of market value) or remain renters at prices that will be set according to rent stabilization rates and income levels.
“This agreement is great news for Roosevelt Island and a win-win for Westview tenants who will be able to continue living comfortably and affordably in their homes,” said co-chair of the Westview Task Force, Opher Pail, in a statement. “Without this agreement, tenants would have been faced with devastating rent hikes.”
The agreement also requires that owners of the two-building Westview complex make a $6 million contribution to the building’s capital reserve fund and deposit another $3.6 million into a special fund for tenant association expenses.