New York Governor Kathy Hochul announced earlier on Thursday, Feb, 24 an agreement with Inwood Tower to preserve the affordability for households located in Manhattan.
The state of New York and Community Renewal will provide a $7.6 million subsidy loan that allows Mitchell-Lama cooperative development team to undertake capital repairs.
“As New York State takes action to combat the housing crisis in the wake of the pandemic, this agreement protects critical support for an affordable housing community in an increasingly unaffordable neighborhood,” Governor Hochul said. “New York will continue to preserve and upgrade affordable housing developments across the State in order to ensure that they remain a safe and affordable housing resource for the next generation of New Yorkers.”
In addition to Inwood Towers’ offer of 190 affordable homes, this agreement paves the way for critical capital improvement. Improvements will include elevator repairs, roof and radiator replacement and more.
“The cooperators of Inwood Tower recognize that through the Mitchell-Lama Program, we enjoy fair housing that is integrated and diverse,” Eileen King, Cooperative Board President of Inwood Tower, said. “With this loan, Inwood Tower can address major capital repairs needed for our nearly 60-year old building and comply with new environmental requirements and still maintain affordability for decades to come. Homes and Community Renewal continues the commitment of Mitchell-Lama housing to reduce the rent burden on families so that they are not using most of their income for housing costs.”
With these new improvements and sustainable progress, public officials commend the Governor’s administration in an effort to maintain affordable housing for low-income New York families.
“In a rising housing market, it would do little good to require affordable homes or apartments without providing a mechanism to ensure that the units remain affordable over time,” Senator Robert Jackson said. “Today, thanks to this agreement to preserve affordability, 190 households will stay affordable at the Inwood Tower at the Mitchell-Lama cooperative development over the next 30 years. Preserving existing affordable housing prevents displacement, having a lasting positive impact on generations of families as homeowners in the Washington Heights neighborhood.”