SCHUMER REVEALS: WITHOUT SWIFT FEDERAL ACTION, AFFORDABLE HOUSING OPTIONS AT ONE OF LAST REMAINING MIDDLE CLASS URBAN OASES—PENN SOUTH CO-OP— COULD BE AT RISK; SENATOR URGES OMB TO QUICKLY REVIEW MUCH-NEEDED REFINANCING EFFORTS TO ENSURE OVER 2,800 UNITS REMAIN AFFORDABLE FOR YEARS TO COME

Chelsea’s Penn South Co-op Has Provided Affordable Housing Options to Middle-Class Families in NYC For Over 50 Years; Development Co-op Could Be Enveloped With High Interest Rates That Would Take Financial Toll On Hundreds of Families.
Schumer Pushes For Quick Review of New Refinancing Agreement So Affordability Provisions Remain in Place; Agreement Would Allow Penn South to Reduce Current Debt Payments & Lock In Current Interest Rates