Provide City-Backed Loans For Co-ops

Overview

• • The administration would provide cooperative housing buildings with access to City-backed loans for capital repairs and building upgrades.

• • The financing would focus on Housing Development Fund Corporation co-ops, which are limited-equity cooperatives serving low- and moderate-income residents, and Mitchell-Lama co-ops, a state–city housing program created to provide affordable housing through regulated cooperatives and rentals.

• • The loans are described as a way to help co-ops address rising maintenance costs and assessments without displacing existing shareholders.

Sources