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$250M to Keep Old Mitchell-Lama Buildings Affordable

New York City officials have a plan to keep more than 15,000 rental and co-op Mitchell-Lama apartments affordable over the next eight years. The apartments were originally built in the 1950s and 1960s under New York’s Mitchell-Lama program.

Since 1989, nearly 20,000 City-supervised co-ops and rentals have left the program. Rental apartments have raised their rents, and co-op apartment have been sold at higher, market-rate prices.

“We cannot afford to lose one more of these homes,” said New York City Mayor Bill de Blasio. “From Coney Island to the Upper West Side, and for decades, hundreds of Mitchell-Lama buildings have offered stable, affordable homes for New York working families.”

The new Mitchell-Lama Reinvestment Program will start with $250 million, leveraged with other housing funds, to refinance and recapitalize these apartments, bringing new funds for needed repairs.

The program is the latest in NYC’s plan to expand its affordable housing goal to create or preserve 300,000 affordable homes by 2026 – enough to house the entire population of Boston.

For comments, questions or concerns, please contact Bendix Anderson

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