The Amalgamated Housing Co-op in the Bronx is fighting for its life.

We, the undersigned, cooperators and friends of "The Amalgamated," need action from NYS Homes and Community Renewal (the state agency that supervises affordable housing across New York State), HCR Commissioner RuthAnne Visnauskas, and Governor Kathy Hochul.

The governor has claimed support for affordable housing; has campaigned on a promise to protect it. We cannot comprehend why the recently passed budget does not include funds for the renewal and maintenance of existing housing stock where vibrant communities like ours have thrived for nearly 100 years. The attention and support communities like ours have received from the state over the years have disappeared, leading directly to the crisis we now face. HCR and Governor Hochul need to be aware that - without state action - bankruptcy and foreclosure are imminent. Where will the families currently living in 1500 housing units end up?

Our most immediate crisis is that the Amalgamated Co-op, which is already in “technical default,” has been threatened by its mortgage lender with foreclosure unless it succeeds in getting the organization that governs limited equity co-ops like ours, HCR, to immediately approve an increase of monthly carrying charges by $139 a room – a 45% increase. 

In recognition of the hardship such an increase will cause the shareholders, the Co-op Board has requested that HCR immediately approve an increase of about half that amount with a second increase to come at a later time. Even if HCR approves this increase, it is hardly more manageable and it is unlikely to satisfy the banks and to keep The Co-op from foreclosure. Worse, it will force many current residents to leave the co-op: in fact, some have already “abandoned ship.” 

To avoid the hemorrhaging of residents and thus the destruction of one of the Bronx’s historic - and rare - bastions of quality affordable housing, we believe that some kind of grant or low-interest loan from the state on the order of $7-10 million dollars will get us over the first hurdle which includes: insufficient insurance coverage, virtually nonexistent operating reserves, and an enormous deficit of unpaid bills to vendors. This support, which wil be fully repaid in time, can help prevent this historic cooperative from being swept away into the dustbin of history.

Please take steps to help us save our community. We demand that the state take action to help us regain financial stability for our friends and neighbors.