Q:

Where can you find information about the Mitchell-Lama buyouts?

A:

Quick Answer

Information about Mitchell-Lama buyouts is available through the New York State Department of Homes and Community Renewal, through the state senators and assembly members for the district in which a buyout development is located, and through the mayor’s office. Information is also available through the tenant’s organization if one exists.

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Full Answer

The Mitchell-Lama program provides low-interest loans and tax abatements to owners of housing developments who agree to keep their units affordable for middle-income families. The owner of a development has the option of buying out of the program after 20 years and paying any outstanding mortgage. A buyout removes the development from the jurisdiction of the program and usually allows the owner to increase rent. State law requires the owners to provide 90 days advance notice to the mayor's office, local representatives and any affected tenant associations before a buyout may proceed.

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