NYC Targets Low-Income Co-Ops For Possible Seizure As Groups Stiff City Out Of Million$ In Real Estate Taxes
- Shareholders at a low-income co-op at 1175 Gerard Avenue are furious the city is considering turning it over to a real estate developer. They realized the American Dream two decades ago, becoming homeowners at co-op buildings in the Bronx through a city program. Now, the Bloomberg administration wants to seize their properties and transfer them to a real estate company.
- Three Bronx co-ops created for low-income shareholders have declared bankruptcy in an attempt to keep the city at bay. They owe millions of dollars in unpaid property taxes and are among a slew of low-income co-ops across the city now threatened with tax foreclosure.
- "It feels like a slap in the face," said Luis Reyes, co-op board president at the six-story 1175 Gerard Ave. "We worked hard for this. You can't just take it away."
For more, see Low-income co-op in the Bronx files for bankruptcy, threatened with tax foreclosure.
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