Deal will keep apts. affordable

What a deal.

An agreement has been reached to keep more than 360 Roosevelt Island apartments affordable for another 30 years, Gov. Cuomo announced Sunday.

The 11th hour plan allows the owners of the Westview housing development to exit the Mitchell-Lama rental program, but tenants will have the option to remain renters at rates tied to rent stabilization and income — or buy at belowmarket rates. The 361-apartment complex, built in 1976, consists of two interconnected 19-story buildings.

“The Mitchell-Lama program is one of New York's great success stories and that provided affordable housing to middle-class families for generations,” Cuomo said. “This action helps ensure the Roosevelt Island community remains affordable and attainable for current and future New Yorkers.”

The Mitchell-Lama affordable housing program provided tax breaks and low-interest mortgages to building owners who provided reasonable rentals and co-ops to middle-income New Yorkers.

Under the Westview agreement, qualified residents will have the option of buying their apartments at approximately 30% of market value, based on market price per-square-foot. For those who want to continue renting, future increases will be tied to income and to hikes approved by the Rent Guidelines Board.

The pact also mandates that Westview owners also make a $6 million contribution to the building's capital reserve fund, and deposit another $3.6 million into a special fund for tenant association expenses and other building related items.

“This agreement is great news for Roosevelt Island and a win-win for Westview tenants who will be able to continue living comfortably and affordably in their homes,” Opher Pail, the co-chair of the Westview Task Force, said in a statement. “Without this agreement, tenants would have been faced with devastating rent hikes.”