Starrett City to stay affordable

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Starrett City, the largest federally subsidized apartment complex in the country, will remain affordable for another 30 years after Governor David Paterson signed legislation today keeping the complex in the Mitchell-Lama program. The legislation allows the owners of the 5,881-unit complex to refinance the building’s debt on the condition that they set aside at least $40 million for capital improvements. The owners took potential buyers’ bids on the complex last year but took it off the market in February.