Freddie and Fannie ride to Stuy Town's rescue
Joe Anuta
Mortgage giants Freddie Mac and Fannie Mae have put their money where their mouth is, by telling interested parties looking to finance their purchase of Stuyvesant Town Peter Cooper Village that affordability issues need to be hammered out first.
In early June, a number of elected officials announced that CWCapital Asset Management, which currently controls the sprawling residential complex and is in the process of selling it, would work with the de Blasio administration to preserve affordability for a portion of the 11,200 apartments there. The two federal financial giants pledged to hold off until that agreement was complete. According to a letter sent from the Federal Housing Finance Agency to lawmakers late last month, they have held up their end of the bargain.
"Both enterprises responded to these inquiries by stating that they would not consider an application for financing until the affordability issues have been resolved to the satisfaction of both the City of New York and the tenants' organization," wrote Melvin Watt, director of the agency.
http://www.crainsnewyork.com/article/20140708/REAL_ESTATE/140709892/freddie-and-fannie-ride-to-stuy-towns-rescue
