Public Housing Units Converted to Low-Income Co-ops

New York, NY —

More than a hundred low-income families in the Bronx recently got the chance to buy apartments once owned by the New York City Housing Authority.

REPORTER: The authority says it used federal money to renovate 7 buildings in the South Bronx. Then it hired the non-profit Urban Homesteading Assistance Board to teach homebuyers how to run their own co-op. Marina Metalios is project manager and says many of the new residents gave up public housing apartments where rents were stable and low.

METALIOS: But people were so interested in homeownership and an opportunity to control the circumstances of their housing that we had many more people apply than we had vacant units for.]

REPORTER: The Housing Authority says it plans to convert three more of its properties into low income co-ops before the end of the year.