Co-op City Times 03/19/2022

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Vol. 57 No. 12

Saturday, March 19, 2022

Riverbay Secures HUD Commitment and Locks in Interest Rate for Refi Ahead of Dramatically Rising Interest Rates BY ROZAAN BOONE

On Friday, March 11, 2022, having secured a commitment from the US Department of Housing and Urban Development (HUD), Riverbay Corporation moved swiftly to lock in a 3.08% interest rate as it pursues a new $621.5M

interest rates had climbed to 4.16%, the highest they have been since 2019, Freddie Mac reported. Bankers and investors expect rates to continue rising due to uncertainty about Federal Reserve policies and the war in Ukraine. By comparison, just last week, mortgage interest rates averaged 3.85%, and at the start of 2022, 3.22%. Riverbay General Counsel Jeff Buss, who has been working with Wells Fargo, Riverbay Board and Management, HUD, the state and city of New ment, said: “Since last week, we have entered into a Rate Lock agreement fore the end of April. We have also obtained the approval and consent of SONYMA and NYCHDC, and a verbal approval from HCR.” Credit support for the loan from the Mortgage Insurance Fund of the State of New York Mortgage Agency (MIF/SONYMA) and New York City’s Housing ment with SONYMA providing $55M, and HDC, $15M, for a total of $70M in top loss mortgage insurance coverage. The interest rate lock comes on the heels of the Riverbay Board’s emergency meeting last Wednesday, March 9, to discuss and vote on Emergency Resolution 22-09 to authorize Riverbay Corporation to enter into a binding loan commitment, to lock in a rate not to exceed 3.1%, to pay the Rate Lock Fee of $3,107,500 from Riverbay’s Reserves, and to encumber corporate property to secure a $621,500,000 mortgage loan from Wells Fargo Bank, N.A. The meeting was held the day after Riverbay received HUD approval of (Continued on page 4)

Truman Beacon Community Center Opens BY BRANDON ORTIZ

The Truman Beacon Community Center opened this week providing enriching activities for the local community. Not only will the new space offer a free after school program for high school

$1.25

Stop Imminent Disaster President’s Report

Bernard Cylich New York State Department of Transportation is plunging full steam ahead, constructing that Hutchinson River Parkway North “death ramp” onto Bartow Avenue “Killer Curve.” One of the barriers between Bartow Avenue and Einstein Loop. After several years of aggressive campaigning led by then-Bronx Borough President Robert Abrams, the City of New York erected median barriers in 1975 on Hutchinson River Parkway East between Bartow Avenue and Einstein Loop. Ever since then, it has prevented fatal head-on collisions on that “killer curve.” Have the folks in Albany lost their minds? Cooperators: Call Governor Kathy Hochul; demand she STOP the “Killer Curve” Ramp; 518-474-8390. Call Bronx Borough President Vanessa Gibson: Ask her to demand DOT stop that “Killer Curve” ramp; (718) 590-3557. (Continued on page 2)

Board President Writes Gov. Hochul & Bronx BP Gibson to Help Stop Hutch North Exit Ramp This week, Riverbay Board President Bernard Cylich wrote to both NYS Governor Kathy Hochul and Bronx Borough President Vanessa Gibson to request their assistance to stop construction of the Hutchinson River Parkway north exit ramp into Co-op City’s Section 5 at Bartow Avenue. (See page 6 for the full letter dispatched to Gov. Hochul. A similar letter was addressed to BP Gibson.)

Rep. Bowman Celebrates Passage of Appropriations FY 2022 Bill and $5.4M for NY-16 Projects Riverbay Fund to Receive $500,000 to Promote Green Space Access & Waterfront Resilience Congressman Jamaal Bowman, Ed.D. (NY-16) celebrated the US House passage of more than $5.4M in funding requests for NY-16 as part of the Appropriations FY 2022 bill which includes $500,000 to the Riverbay Fund to improve green space access and promote waterfront resiliency. Last week, the Consolidated Appropriations Act of 2022 was passed by the US House of Representatives by a vote of 361-69, and the US Senate, 68-31. On Wednesday, March 15, President Joe Biden signed the $1.5 trillion spending bill. “Delivering resources to our communities and helping to meet the needs of our neighbors has been my number one priority, and I am thrilled to have secured over $5 million in new federal funding to reach people where they are and improve our district,” said Congressman Jamaal Bowman, Ed.D. (NY-16). “We had the incredible opportunity to listen to our neighbors and work to make did that by collaborating with hundreds of our community members through-

State Senator Jamaal Bailey, City Councilman Kevin Riley and Riverbay General Manager Noel Ellison commemorate the opening of the Truman Beacon Community Center with program directors on Thursday. Photo by Brandon Ortiz

students, but other free activities include: organized sports, ESL classes, GED education classes for adults, computer literacy classes, summer school options for all grades, holiday break camps and fun family events. (Continued on page 2)

more resources into millions of tangible dollars that will help transform NY-16. Through continued partnership and engagement, we look forward to bringing even more new funding and resources into the district for our collective wellbeing, growth, and empowerment.” Immediately after his election to Congress, Rep. Bowman conducted a series of constituent outreach efforts to hear directly from community members about Among the Co-op City representatives Congressman Bowman and his staff (Continued on page 6)


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