The Real Deal New York

Bronx tenants ensured affordable housing after city pension fund steps in

September 24, 2012 10:00AM

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The Jose de Diego Beekman houses in the Bronx

A $19 million investment by the city’s Employees’ Retirement System and the Police Pension Fund will allow a Bronx housing complex to offer affordable rents to residents for decades, the New York Daily News reported.

The Jose de Diego Beekman Houses in Mott Haven, where a board of residents and housing officials had taken over ownership in 2003 after years of corrupt managers, was able to secure a 30-year fixed rate mortgage due to the investment by the fund, the News said.

The 1,231-unit complex had fallen into disrepair and become a center for crime under various negligent management companies over the years.

“This … mortgage means welcome relief for struggling families who are trying to keep afloat in this economy,” Borough President Ruben Diaz Jr. told the News. “This great investment will improve their lives and give them much needed peace of mind.” [NYDN] — Guelda Voien

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