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.
The law stated that after twenty years from the occupancy date, the mortgagor is allowed to prepay its mortgage releasing the obligation of staying in the affordable housing program and giving owners the right to raise rents to market value.
HDC created this preservation program as a means to encourage owners to keep their properties within the Mitchell-Lama guidelines. The Mitchell-Lama preservation initiative has two financing options: 1). Repair Loan Program and (2) Mortgage Restructuring Program.
View the Repair Loan Program termsheet