Paterson signs bill refinancing Starrett City

Gov. David Paterson signed a refinancing bill Wednesday, allowing the Starrett City housing complex in East New York to remain affordable for the next three decades.

The new bill will extend the Mitchell-Lama affordable housing program for the 15,000 tenants living in Starrett City.

"We've got to expand opportunities to have affordable housing," Paterson says. "We've got to lower the cost of living for so many New Yorkers."

The new law also allows the owners of the nation's largest affordable housing complex to refinance Starrett City and use the money toward capital improvements.

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