Affordability preserved at Cooper Square, Co-op City

By Maria Rocha-Buschel

The Department of Housing Preservation and Development announced last Friday that affordability has been preserved for 16,083 homes, including in Cooper Square and Co-op City. The city used low-cost preservation programs and tax exemptions to guarantee stability for families in 95 buildings throughout Manhattan, Brooklyn and the Bronx.

“We are facing an unprecedented crisis, and after we have defeated this virus and begin to pick up the pieces, we will need affordable housing like never before,” Mayor Bill de Blasio said. “Locking in the affordability of these homes across the city will be crucial to ensuring stability for New Yorkers as we recover.”

HPD was able to secure affordability for 327 apartments across 21 buildings for the Cooper Square Mutual Housing Association in the East Village, which is the oldest Community Land Trust in the city. HPD collaborated with the Office of the New York State Attorney General, which provided $1.5 million in funding that Cooper Square will be able to use to expand services for local senior residents. Affordability has been ensured at Cooper Square for the next 40 years as a result of the deal.

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