Residents of Jamie Towers in Castle Hill are celebrating after the housing cooperative secured $4 million in state funding to address aging infrastructure and rising operating costs.
The funding, announced with the support of Assembly Member Karines Reyes, will be split evenly between capital improvements and operating expenses. Residents say the investment will help preserve affordable housing and reduce the likelihood of future increases in maintenance fees.
"It's a blessing. It feels like the Knicks won over again, that's how we feel here," said Phyllis Gray, who has lived at Jamie Towers for more than 45 years.
Gray said the cooperative's aging systems require ongoing maintenance to remain functional.
"The pipes and the water and the grounds. You just have to have constant upkeep to maintain the property, and this would help us immensely," she said.
Residents say the funding comes at a critical time as the cost of maintaining the development continues to rise. Without additional support, many feared the expense of major repairs would be passed on to shareholders through higher carrying charges and maintenance fees.
Reyes said residents have already experienced significant increases in housing costs in recent years.
"They've seen a 60% increase in carrying charges," Reyes said. "That means that you may potentially not be able to stay here. We want to make sure that the people who have built this community and invested in this community can stay here."
In addition to infrastructure improvements, residents hope the funding will help renovate vacant apartments, allowing the cooperative to generate additional revenue.
"We have a number of vacant apartments because people have moved and many have passed on that need to be renovated," Gray said. "Those funds will help bring money into the development. Those funds will renovate the apartments."
Community members say they are also hopeful any remaining funds could eventually be used to reopen the development's swimming pool and enhance security throughout the complex.
Residents and elected officials say the investment is intended not only to stabilize the cooperative's finances but also to position Jamie Towers for long-term growth and sustainability.
