While both programs offer affordable housing for New Yorkers, the co-op and rental programs follow different rules and regulations. There are both New York City run and New York State run Mitchell-Lama developments. Some early Mitchell-Lama buildings carried 50-year affordability requirements. After the time period was up, roughly 20 years, developers could opt out of the program. In return, developers agreed to keep rents and maintenance fees low for a designated period of time. Some of the developments were built on federally subsidized land, which also lowered costs. They achieved this by offering developers long-term low interest loans and offering tax abatements. Through the Limited Profit Housing Act of 1955, legislatures encouraged developers to build housing for low-to middle-income households. It is celebrated as being one the most successful affordable housing programs created as it provided housing for those whose incomes are too high to qualify for housing assistance, but not high enough to afford market rates. The program is named after Senator Macneil Mitchell and Brooklyn Assemblyman Alfred Lama, who sought to remedy NYC’s middle class flight to the suburbs and address the city’s dilapidated housing stock.
Introduced in 1955, the Mitchell-Lama program provides affordable rental and co-op housing to moderate- and middle-income families. We’ve compiled everything you need to know about Mitchell-Lama housing. You may be familiar with NYC’s rental housing lotteries, but there is another program for affordable housing that benefits both renters and buyers.
Finding a home priced below market rate in NYC may seem like a pipe dream, but for some lucky New Yorkers, it’s a reality.
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