Image courtesy of Gov. Kathy Hochul’s Office
Gov. Kathy Hochul on Thursday announced an agreement with New York State Homes and Community Renewal (NYHCR) to preserve affordability for 30 years for 190 households at Inwood Tower, a Mitchell-Lama cooperative development in Washington Heights. By terms of the agreement, NYHCR will grant the co-op a $7.6 million subsidy loan that the development will use for essential repairs. With this grant, the state has ensured that more than 22,000 Mitchell-Lama apartments remain affordable for low and moderate-income New Yorkers as part of its five-year housing plan.
Inwood Tower was constructed in 1963 to provide low and moderate-income New Yorkers with homeownership opportunities. Inwood Tower Inc. will remain in the Mitchell-Lama program for at least 30 more years.
“The cooperators of Inwood Tower recognize that through the Mitchell-Lama Program, we enjoy fair housing that is integrated and diverse,” Eileen King, co-op board president at Inwood Tower, said in a statement. “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.”
Besides ensuring the affordability of the development’s 190 homes until 2052, the property will be able to use the funds granted them to repair elevators and gas lines, as well as replace roofs, boilers and piping, radiators, facade, and bricks. Incorporated into the repairs are a number of energy-efficient measures that will reduce the development’s energy costs.
“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,” 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.”
Started in 1955, the Mitchell-Lama program is a state-funded initiative that provides affordable rental and cooperative housing opportunities for low, moderate, and middle-income New York families. More information on the program can be found on the NYC Housing Preservation and Development website.
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