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Posted: Thursday, 16 April 2009 7:24AM
Tentative Deal Reached for Starrett City
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NEW YORK (AP) -- A tentative refinancing deal could preserve affordable housing at the nation's largest federally subsidized apartment complex.
The owners, Starrett City Associates, are meeting Thursday with tenants and elected officials to explain the plan for the 140-acre Brooklyn complex.
Officials say the owners could get a $200 million profit. The 5,881 apartments could remain affordable for 30 years.
Sen. Charles Schumer says it's a ``groundbreaking agreement'' that could be applied to other subsidized housing complexes.
The community group New York Acorn expressed cautious optimism but has not yet endorsed the plan.
It would require state legislation and federal approval. The state housing commissioner says she's also optimistic.
Earlier attempts to sell the complex failed.
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