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news & events / 04.28.22 /Jeffrey D. Buss

Partner Jeffrey Buss Coordinates $124,000,000 Co-op City Refinancing with HUD

Governor Hochul, Secretary Fudge, Senator Schumer, and Representative Bowman Announce Approval of Loan Refinancing to Maintain Housing Quality and Affordability for Co-op City

Governor Kathy Hochul, U.S. Department of Housing and Urban Development Secretary Marcia Fudge, Senator Charles Schumer, and Representative Jamaal Bowman today announced that Riverbay Corporation, the management company for Co-op City, the U.S. Department of Housing and Urban Development, Wells Fargo, the Mortgage Insurance Fund of the State of New York Mortgage Agency, and NYC Housing Development Corporation have processed and approved Co-op City’s Department of Housing and Urban Development loan refinance. The refinance will maintain long-term housing quality and affordability for the tens of thousands of residents who call Co-op City home. Refinancing provides the housing company with $124 million in proceeds that will be used for capital improvements, including upgrades to the heating, ventilation, and air conditioning system, façade maintenance, and electrical system upgrades.

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