HUD ANNOUNCES DEAL TO REFINANCE MORTGAGE LOAN FOR NEW YORK CITY COOPERATIVE

WASHINGTON, DC – November 29, 2012 – (RealEstateRama) — U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced a $621 million deal to refinance a previous mortgage at Co-op City, a large cooperative housing community that is home to more than 57,000 residents in the Bronx, New York. Today, HUD and Wells Fargo Bank N.A. closed on the loan that will preserve long-term affordable housing for these families and significantly lower annual interest payments for the building’s owner over the next 35 years. The new mortgage is backed by the Federal Housing Administration’s (FHA) General Insurance and Special Risk Insurance (GI/SRI) Fund.