Wednesday, 18 January 2017

Obama administration approves co-op affordable housing deal in Manhattan before Trump takes office

A deal that preserves close to 3,000 units of affordable housing in the heart of Manhattan has been finalized in one of the last acts by the Obama administration, officials said Tuesday.

The federal Office of Management and Budget approved the refinancing agreement at Chelsea’s Penn South co-op, which is home to 2,820 units of affordable housing, Sen. Chuck Schumer said.

The Daily News first reported the federal approval online.

“Penn South tenants can breathe a sigh of relief,” Schumer (D-N.Y.) said in a statement.

Harlem attorney to voice displeasure over Trump at Women's March
The senator and other supporters were pushing the Obama administration to sign off on the agreement between the co-op developer, the city and the Department of Housing and Urban Development before President-elect Donald Trump takes over.


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