Please be advised that lease renewals being sent to “stabilized” tenants do not reflect the increases recently approved by the Battery Park City Authority and Gateway management. The new rates will be included in the renewals once HUD has approved the agreement. We do not have a time-line for HUD approval, but we understand that the application for HUD approval has been made.
In the meantime, we have learned from residents that Management has advised them to sign the non-stabilized offers that they have received and that tenant accounts will be adjusted, including credits for any money overpaid, once the new stabilization agreement has been approved by HUD.
GPTA will be following up and reporting once we have more information.