Co-op City’s official newspaper serving the world’s largest cooperative community. © Copyright 2010 Co-op City Times
Vol. 45 No. 30
Saturday, July 24, 2010
Changes to 223f refinancing program expected early next month BY JIM ROBERTS A proposed change in a federal loan guarantee program should go into effect in early August, clearing the path for a refinancing that will significantly reduce interest payments on Co-op City’s mortgage and save shareholders money. The U.S. Department of Housing and Urban Development (HUD) in Washington is close to approving a revision of the agency’s program for 223f loan guaranties for co-ops and condos nationwide which will allow developments such as Co-op City to take advantage of low interest rates. U.S. Congressman Joseph Crowley has been pressuring HUD for the past several months to issue the changes in the 223f loan program, according to his office. Crowley spoke with HUD Secretary Shaun Donovan in April and the department is expediting the program change at Crowley’s request. According to Crowley’s office, the final changes to the regulations are now expected to be issued by the first week of August. “The federal 223f program will give
large housing co-operatives like Co-op City access to funding to revamp and modernize its buildings and facilities, greatly improving the quality of life of its residents,” said Congressman Crowley. “The program will help make Co-op City an even better place to live and raise a family, which is why I continue to push the federal government to issue these regulations.” HUD Secretary Donovan is very familiar with affordable housing in New York City. Before joining President Obama’s administration, he served as Commissioner of the New York City Department of Housing Preservation and Development (HPD). He created and implemented HPD’s New Housing Marketplace Plan to build and preserve 165,000 affordable homes, the largest municipal affordable housing plan in the nation’s history. Donovan’s work at HPD included the New York City Acquisition Fund, an award-winning collaboration with foundations and banks to finance affordable (Continued on page 4)
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Federal stimulus grant of $1 million awarded for upgraded garage lighting BY JIM ROBERTS A million-dollar grant of federal stimulus money has been awarded to Riverbay to bring energy-efficient lighting to Co-op City’s parking garages, an upgrade that will reduce annual energy and labor costs. Riverbay received $1 million of a $7.4 million statewide grant for energy projects announced on July 20 by Gov. David Paterson. The money comes from the federal American Recovery and Reinvestment (ARRA) funding program that the federal government passed last year and signed by President Obama to stimulate the national economy and create jobs. The money was awarded through the New York State Energy Research Development Agency (NYSERDA) which evaluated proposals on a competitive basis from around the state. According to NYSERDA, the upgraded lighting will save approximately $430,000 in annual energy costs for Co-op City shareholders. In addition to reducing electricity
needs, the upgrades also come with a warranty that covers labor so Riverbay employees won’t have to be used to do routine repair work over the life of the warranty. “It gives us more energy-efficient lighting at a cheaper cost while providing a greater sense of security to the residents who travel to the garage roofs and other floors during late hours,” said Noel Ellison, Riverbay’s Director of Parking Facilities. “It’s a more efficient fixture and has a greater lifespan. “The other beauty of the project is that Co-op City staff won’t have to replace the lighting if it fails because the contractor provides a complete 10-year warranty on the light fixtures and would provide all the labor to replace them.” Primary selection criteria included technical viability, cost-effectiveness, demonstration of compliance with program requirements, and cost sharing. Each awardee must still successfully enter into (Continued on page 2)
Riverbay Corporation benefits from collaboration with local non-profit to hire dislocated workers BY ROZAAN BOONE Riverbay’s participation in a New York City jobs program is resulting in qualified new hires at significant savings to the corporation. BronxWorks, the local non-profit organization that Riverbay has partnered with, has been in existence for over 40 years providing senior services, afterschool and summer camp programs, employment assistance, HIV/AIDS services, immigration assistance, eviction prevention, homeless services, benefits assistance and much more. BronxWorks is an affiliate of Seedco, a national non-profit organization committed to helping lowincome individuals and communities move towards economic prosperity. Through BronxWorks’ Workforce Development Department, New York area businesses are connected with qualified jobseekers at no cost. “Riverbay’s commitment to employing
community residents and offering them high quality, highly competitive jobs is reminiscent of how employers used to be,” said Kedon Wilson, Program Coordinator, Dislocated Worker Program, BronxWorks. “Riverbay, a bastion within the community, firmly adheres to the belief that investing in the community is the responsibility of any area business; their hiring practices complement their words, pumping life into a distressed neighborhood, despite the hardships that come with today’s economy.” Riverbay’s Director of Human Resources, Colette Ragin, said: “As a good corporate citizen, Riverbay has partnered with BronxWorks to provide employment opportunities and experience to displaced workers in the job force. This program is an excellent tool to reposition people in the labor market so as to reduce (Continued on page 5)
The two situations in photographs above have been forwarded to Community Board 10 by Jorge Santiago of the Bronx Council for Environmental Quality to be addressed. In the photo above is a tree stump in front of the entrance to Building 14 on Co-op City Boulevard between Carver Loop and Peartree Avenue and just a few feet away from the bus stop. The tree presents a potential hazard to pedestrians and also to passengers getting on and dismounting the bus if the door opens in front of the broken tree. In the inset at bottom right is an open catch basin at the corner of the Hutchinson River Parkway and Boller Avenue about 15’ away from the emergency call box which has separated from the sidewalk. The opening between the sidewalk and the catch basin is about 8 inches. Residents are urged to call 3-1-1 about these two situations and also to be mindful if they are in the vicinity of either of these locations until they are addressed by the appropriate city agencies.