Speaker Heastie and Assemblymember Benedetto Announce $51 Million in Enacted SFY 2024-25 Budget for Co-op City

Speaker Carl Heastie and Assemblymember Michael Benedetto today announced $51 million in funding in the Enacted State Fiscal Year (SFY) 2024-25 Budget for Co-op City, a Mitchell-Lama housing cooperative in the Bronx.

“Co-op City represents the future of affordable housing across New York,” said Speaker Heastie. “This development doesn’t just lower the barriers to housing, it provides residents access to community centers, senior services, public libraries and public transportation within walking distance of their front doors. I’m honored to work with Assemblymember Benedetto to secure the funding needed to ensure Co-op City keeps providing for our communities in need as we work to extend housing access to all.”

“For almost six decades now, Co-op City has provided our community members with affordable and accessible housing,” said Assemblymember Benedetto. “I want to thank Speaker Heastie and my colleagues in the Assembly Majority for their continued support of this incredible development and I hope we can continue to build many more like it across the state.”

Speaker Heastie and Assemblymember Benedetto were joined by State Senator Jamaal Bailey and New York City Councilman Kevin Riley and members of the Riverbay Board of Directors to announce that the SFY 2024-25 Enacted Budget included $51 million in funding for Co-op City and the facility’s parent corporation, RiverBay at Co-op City, with $50 million reserved for capital expenses and $1 million for operating expenses. This funding will help minimize a proposed 8.1 percent carrying charge increase on residents of Co-op City.

Co-op City has provided low-income families access to affordable housing for over 50 years. They remain the largest residential development in the country with over 15,000 units and 50,000 residents.