Co-op City, home to 55,000 residents in the Bronx, will remain affordable for decades to come after the closing of a mammoth $621.5 million loan.

The Wells Fargo loan to RiverBay Corp., which controls Co-op City, is the largest ever insured under the Department of Housing and Urban Development’s Sec. 223(f) program, which protects lenders against loss on mortgage defaults at multifamily properties.

It is also the first time the program has been applied to a cooperative development, according to officials.

The loan will be used to refinance the current debt on the state’s largest Mitchell-Lama project and keep the development affordable for another 35 years. https://www.housingfinance.com/news/nys-co-op-city-receives-6215-million-loan_o