Inwood Tower, a New York State-supervised Mitchell-Lama cooperative, will remain an affordable housing property for the next 30 years following an agreement forged by Governor Kathy Hochul. The property is located at 11 Fort George Hill in Washington Heights and comprises 190 apartments.
As part of the agreement, New York State Homes and Community Renewal will provide a US$7.6 million subsidy loan to finance critical capital improvements including elevator repairs, a roof replacement, gas pipeline repairs, replacement of existing boilers and associated piping, radiator replacements, and repointing of the building’s brick facade. The loan will also finance energy-efficiency measures that will reduce annual utility costs.
To date, New York State has preserved more than 22,000 Mitchell-Lama apartments as affordable properties for low- and moderate-income households.