Search
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
A Mitchell-Lama development, the Michelangelo Apartments in the Bronx NEW YORK CITY—As affordable housing looms large as one of New York City’s most pressing challenges, Mayor Bill de Blasio announced support for the remaining Mitchell-Lama properties. The Mitchell-Lama program provides affordable rentals and cooperative housing to moderate income families. It was signed into law in 1955.
The $250 million commitment to the historic program is part of the mayor’s initiative to save 300,000 units of affordable housing by 2026. Over the next eight years, the program will seek to preserve long-term affordability for 15,000 Mitchell-Lama homes, in both co-ops and rentals. The investment will be used to restructure existing debt, provide long-term tax benefits and pay for critical, structural building repairs.
“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,” said Mayor de Blasio. “We cannot afford to lose one more of these homes. We’re investing to protect them for the seniors and families who helped build our neighborhoods, and for generations to come.”
“We are working on every front to shore up the affordability of our neighborhoods and saving our Mitchell-Lamas is a key priority. As part of our push to accelerate and expand the Housing New York Plan, the new program will expand our capacity to secure the remaining Mitchell-Lama developments, a vital source of affordable homeownership,” said New York City department of housing preservation and development commissioner, Maria Torres-Singer.
*May exclude premium content
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Assessment
Sponsored by Cherre
Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges
CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.
Assessment
Sponsored by Cherre
Data Management Scorecard: A Health Check for Your Data Management Capabilities and Challenges
CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.
Assessment
Sponsored by Cherre
Enabling Stakeholder Confidence in Your Data: A Self-Assessment for Real Estate Organizations
Does your data inspire confidence or is there a significant lack of trust in its validity? Use this assessment to gauge where your organization’s data practices are at today and what gaps exist.
Copyright © 2024 ALM Global, LLC. All Rights Reserved.
Sign In
Sign In
