NEW YORK — The Amalgamated Housing Cooperative in the Bronx owes thousands of dollars to dozens of former tenants.
It’s an affordable housing co-op that was once praised by President Franklin Delano Roosevelt as a success story, but CBS New York investigative reporter Tim McNicholas is uncovering the historic property’s financial woes.
Refunds from Amalgamated Housing Cooperative in limbo
The Amalgamated Housing Co-op uses a model in which residents purchase a share in the development when they move in. They’re supposed to get their investment back when they move out, but CBS New York Investigates has learned dozens of refunds are in limbo due to financial struggles at the property.
Tracy Arce’s late father lived in the co-op, and she says when she started sorting out the money he left behind, she learned the co-op owes the family $28,000. It’s money she’s still fighting for more than a year after her father’s death.
“On top of all the other stress you have and the grief you have of a parent dying, closing out the affairs, they added so much unnecessary stress,” Arce said.
“How would your dad feel about this?” McNicholas asked.
“He would be in disbelief. He really would because he knew the employees. He just wouldn’t believe it,” Arce said.
Management tells CBS New York they’re about a year delayed in issuing refunds because of financial struggles stemming from the pandemic. They say their plan to fix the problem includes adding staff to get more apartments move-in ready so they can get more money coming in.
Watch CBS2 News at 11 p.m. for more on this story.
