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Dear Neighbor,

I hope this message finds you healthy and well. I am writing to celebrate an exciting development with you! After months of working closely with the IRS, I was able to help Co-op City get relief from an unfair tax penalty. As a result, we have been able to together save over $753,000 in funds that can now be put toward important resident services. 

When Riverbay Corp. brought this issue to our attention over the summer, I knew that a tax penalty of this size would be harmful and unfair for the Co-op City community. In August, I presented to the IRS the case that Co-op City was a unique community that did not deserve this penalty. Over the course of several months, our office has continually engaged with the IRS legislative affairs team, as well as tax advocates, to protect a community that has given so much back over the years. I am thrilled that this week, the Riverbay Corporation received a waiver of the penalty in part thanks to our collective advocacy. 

This is just one of many ways I am advocating for more funds and resources for Co-op City. In my first two months in office, we were able to successfully advocate for a new vaccine site in Co-op City, benefiting thousands of residents. In July, I helped advance $500,000 for waterfront restoration work in Co-op City within the House of Representatives and I am continuing to advocate for its passage in the Senate. In addition, we are currently working to advocate for the approval of Riverbay Corporations’ loan refinance application that, if successful, could generate an additional $100 million in funding for capital projects. 

If you have other ideas for how I can work to support the Co-op City community, or any further questions, please do not hesitate to reach out.

Sincerely,

Congressman Bowman