The Mitchell-Lama program was enacted by the State in the mid-1950’s as a way to promote and facilitate the construction of affordable rental and cooperative housing throughout New York State. Today, the City’s Mitchell-Lama portfolio is under unprecedented pressure to convert to market-rate housing. Over the last thirty years, nearly 20,000 City-supervised apartments “opted-out” of the program. The challenges of maintaining an aging housing stock and rising property values are now putting more of the City’s portfolio at risk.
Of the approximately 100 remaining developments with more than 45,000 homes, roughly two-thirds are affordable cooperatives, representing a significant source of affordable homeownership opportunity for New York City.
HDC’s two Mitchell-Lama preservation programs rapidly deploy new capital to provide the low-cost, long-term financing needed to anchor the affordability of these remaining Mitchell-Lamas.