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 $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.
“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.”
To date, New York State has preserved more than 22,000 Mitchell-Lama apartments as affordable properties for low- and moderate-income households.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Looking for a one bedroom apartment responsible tenant