Sen. Chuck Schumer says refinancing could help contribute to Co-Op City repairs
Sen. Chuck Schumer is calling on the federal government to clear a path for Co-Op City to refinance.
He says this is an opportunity that could bring $100 million to the community for repairs.
Sen. Schumer was joined by Rep. Jamaal Bowman Thursday. They say they both wrote a letter to Housing and Urban Development Secretary Marcia Fudge.
They say the letter asks for help in providing approval of improved financing for Co-Op City--saying they have a huge opportunity to refinance with low-interest rates, while also providing a way to increase the quality of life for residents without increasing their monthly charges.
"This is a rare shot to secure tens of millions of dollars for this community...we know how great Co-Op City is, we know we want to keep it a strong, affordable, middle-class place, for decades and generations to come because New York City desperately needs more places like this,” said Sen. Schumer.
News 12 reached out to the U.S. Department of Housing and Urban Development and has not heard back yet.