Governor: Pact will keep NYC apartment complex affordable
Aug. 12, 2018
NEW YORK (AP) — A New York City housing complex will stay affordable yet allow tenants the new option of ownership under an agreement announced by Gov. Andrew Cuomo.
The Democrat unveiled the arrangement Sunday for Westview, a 361-apartment complex on Roosevelt Island in the East River.
Westview could have withdrawn from a state program that gave landlords tax and other breaks in exchange for limiting rents. However, the owners, the state and tenants have been negotiating a pull-out that would keep apartments affordable.
Cuomo says the new 30-year deal will let qualified Westview tenants buy their apartments at below-market prices, with limits on re-sales. Other residents can continue renting at regulated rates.
The owners will get tax, mortgage and other benefits.
A message left at the owners' office wasn't immediately returned.