Gov. Kathy Hochul announced a refinancing agreement that will maintain long-term housing quality and affordability for the 45,000 residents of Co-op City.

The governor says the $621.5 million agreement will go toward improvements, upgrades and the creation of more than 15,000 affordable housing units.

“This allows us to modernize Co-op City without raising maintenance costs,” Hochul says.

The refinancing agreement was a partnership between the federal, city and state that will impact over 40,000 residents of the area.

Rep. Jamaal Bowman says the deal will “make sure we just don't begin the process but finish the repairs and help upgrade part of the facility that has not been upgraded for years, even decades.”

Government officials say this will also make housing affordable for working class families for at least the next 35 years.

“We have all done something that means Co-op City will stay a good, decent place to live for the next generation,” says Sen. Charles Schumer.

Hochul says $124 million of the refinancing agreement will go toward capital improvements over the next 10 years.