SCHUMER ANNOUNCES, AFTER HIS PUSH: OMB SIGNS OFF ON PENN SOUTH REFINANCING AGREEMENT; FEDERAL APPROVAL MEANS THAT CO-OP IN CHELSEA WILL CONTINUE TO PROVIDE AFFORDABLE HOUSING OPTIONS TO MIDDLE-CLASS FAMILIES IN NYC

U.S. Senator Charles E. Schumer today announced that, after his push, the Office of Management and Budget (OMB) has signed off on a major refinancing agreement for Chelsea’s Penn South Co-Op, which will help ensure the development remains affordable for an extended period. Earlier this month, Schumer called on OMB to swiftly review and make the decisions necessary to approve the development’s efforts in refinancing its property