They may be great places to live, but up to now, tough places to get a mortgage.

But Silver Beach Gardens and Edgewater Park Owners Cooperative now have a new lender to service their mortgage needs.

Because of the relatively unique ownership arrangements in the two east Bronx waterfront enclaves - where the homeowner owns the dwelling and the cooperative the land - it creates unique underwriting challenges for a bank looking to lend to those buying or refinancing homes .

At a question-and-answer session with Emigrant Savings Bank executives and employees June 14 at St. Frances de Chantal, Congressman Joseph Crowley and Councilman Jimmy Vacca announced that they had worked with Emigrant Mortgage to bring the lending institution into both developments - making Emigrant and Citibank the two lenders who make loans in the cooperatives.

“For too long, residents of Edgewater Park and Silver Beach have faced many challenges and very few options when it comes to buying, selling, or refinancing their homes,” Crowley said. “That’s why Councilman Jimmy Vacca and I worked long and hard to bring new lenders to the community. Emigrant Bank’s decision to enter the housing market here is a major victory for residents as it opens up competition and provides a new banking option.”

Joining the legislators were Richard Wald, CEO of Emigrant Funding and Emigrant Mortgage; head underwriter John Anderson; Emigrant Mortgage Consultant Kenneth DeDeo; and representatives from both the Edgewater Park Owners Cooperative and Silver Beach Garden’s - including Matt O’Brien for Silver Beach and Keith Freder for Edgewater Park.

Citibank had reached the limit on the number of Fannie Mae-backed mortgages it could carry in Silver Beach and Edgewater Park, Crowley said. Emigrant had to tailor the loan documents to meet approval from Fannie Mae, said Wald.

The bankers took questions from about half-a-dozen homeowners in Silver Beach and Edgewater Park, and O’Brien and Freder said residents in both developments were glad that Emigrant will now be making loans to eligible borrowers.

Vacca, a Silver Beach resident, called both communities some of the most stable homeowner co-ops in the city. He also said that people rarely move, and when they do, oftentimes family members purchase the houses.

Crowley and Vacca contacted the Emigrant, and Wald said that everything worked the way it was supposed to go - with government and the private sector working together in concert.

“Edgewater Park and Silver Beach co-op communities are well-suited to Emigrant’s flexible and innovative approach to lending in New York City,” Wald said. “We look forward to working closely with community residents over the weeks and months to come to meet their mortgage needs.”