Preserves long-term housing for over 45,000 residents.
Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced last month that the Bronx’s Co-op City Complex successfully closed on the refinancing of its HUD loan. The refinancing provided Riverbay Corporation, Co-op City’s management company, with $124 million in proceeds that are now able to be used to provide essential upkeep and upgrades throughout Co-op City’s units, which provides affordable housing to over 45,000 residents.
“We applaud the successful completion of the refinance for the Bronx’s Co-op City Complex,” said Secretary Fudge. “From supporting larger loans in major metropolitan areas to smaller loans in rural communities and suburbs, HUD is proud to be a partner in creating and preserving affordable housing across the country.”
As the Lord Leads, Pray with Us…
- For discernment for Secretary Fudge as she supports department initiatives.
- For the president and his administration as they craft housing policy.
Sources: Department of Housing and Urban Development
