Housing Commissioner Signs Off On Starrett City Deal
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Residents of Starrett City can breathe easier knowing that refinancing has been completed and the complex will remain affordable for another 30 years.
The State Housing Commissioner announced the finalization of the refinancing by Starrett City's owners Wednesday, which was enabled by the passage of state legislation earlier this year.
The Brooklyn complex will remain in the Mitchell-Lama affordable housing program and under the new law, the owners will provide at least $40 million for capital improvements.
Federal, state, and local officials are sharing credit for keeping Starrett City viable.
Two years ago, the planned sale of the complex was blocked by the state, which feared the purchase price of $1.3 billion was too high to sustain affordability.
Starrett City is the largest publicly-assisted affordable housing complex in the nation.