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FOR IMMEDIATE RELEASE
PR- 542-09
December 17, 2009

STATEMENT OF MAYOR BLOOMBERG ON COMPLETION OF STARRETT CITY REFINANCING

Nation’s Largest Publicly Assisted Housing Complex Will Remain Affordable to Current and Future Tenants for 30 More Years

"Today's announcement is the culmination of two years of hard work that sets a clear and bright future for the well-being and long-term stability of the thousands of families living at Starrett City. Starrett is a critical asset in the City's affordable housing stock, and a key contributor to the vitality and growth of the Brooklyn community. By preserving its affordability and ensuring its maintenance needs will be met for decades to come we are sending a clear signal that even in these tough economic times we remain committed to strengthening our middle class.

"Not only is this a victory for the preservation of affordable housing in New York City, but it also serves to demonstrate the potential for innovative solutions when all levels of government come together. HUD Secretary Donovan, Governor Paterson, Senator Schumer, Starrett's ownership, Wells Fargo Multifamily Capital, and Freddie Mac have all been valued partners in this process, and I thank them for their dedication and for helping to brighten the holiday season for Starrett's tenants."







MEDIA CONTACT:


Stu Loeser / Andrew Brent   (212) 788-2958




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