The Mitchell-Lama apartments are part of a New York State affordable housing program for middle-income residents. Some residents receive rent subsidies, and rent increases are subject to government regulation, according to the New York State Department of Homes and Community Renewal website. Some residents own rather than rent Mitchell-Lama apartments.Continue Reading
The apartments are supervised by either the city Department of Housing Preservation and Development or the state Department of Homes and Community Renewal, with some supervised jointly by the U.S. Department of Housing and Urban Development, according to the websites for the New York City Affordable Housing Resource Center website and the Department of Homes and Community Renewal.
In December 2014, Brick Underground, a New York City real estate website, profiled the Mitchell-Lama program within the city. One complex made over 1,000 co-op apartments available for purchase at as little as one-tenth the market price, attracting many applicants to a lottery for the limited number of apartments. Mitchell-Lama buildings were first constructed after the 1955 passage of the law that initiated the program. The last was built in 1978, according to The New York Times. Brick Underground says most Mitchell-Lama buildings have large apartments, good security and convenient parking. The waiting lists are very long for the unusual combination of such features and below-market prices. Mitchell-Lama co-op apartments usually require outright purchase rather than contracting a mortgage.Learn more about Finding a Home