How much does a Mitchell-Lama apartment cost?

How much does a Mitchell-Lama apartment cost?

The purchase price of a Mitchell Lama co-op–known as the ‘equity value purchase price’–has no relationship to actual market value. It frequently ranges from $4,000 to $35,000.

Can you own a Mitchell-Lama apartment?

Mitchell-Lama co-op apartments Like traditional co-ops, Mitchell-Lama home owners are considered shareholders in the cooperative that owns the building, and do not own the physical unit outright. Similarly the amount of shares a homeowner has is determined by the size and location of the apartment within the building.

Is Mitchell-Lama affordable housing?

The Mitchell-Lama program provides affordable rental and cooperative housing to moderate- and middle-income families. There are both New York City supervised Mitchell-Lama developments and New York State supervised Mitchell-Lama developments.

Is co-op City a Mitchell-Lama?

Co-op City is a New York City Mitchell-Lama cooperative located in the Northeast Bronx. With 15,372 apartments in 35 high-rise buildings and 7 townhouse clusters, Co-op City has approximately 50,000 residents. Co-op City is across the street from Bay Plaza Shopping Center, which has a new indoor mall.

Is Mitchell-Lama rent stabilized?

Upon dissolution, Mitchell-Lama leases are replaced by Rent Stabilization leases which provide for the same rent and expiration date as the Mitchell-Lama lease.

Can you sell a Mitchell-Lama coop?

“People who purchased an apartment in such co-ops paid very low prices. When a Mitchell-Lama shareholder leaves the co-op and “sells” his/her shares, they are only entitled to the amount they paid, plus any capital assessments, plus (depending on the policy of the particular cooperative) any mortgage amortization.

Can you sublet a Mitchell-Lama coop?

Generally, owners of Mitchell-Lama style government regulated apartments have even more restrictions. If you’re a renter — and assuming your building has more than four units — you can also legally sublet your apartment, but not for less than 30 days (hence the problem with Airbnb).

Can you sublet a Mitchell-Lama apartment?

As with rent-stabilized and rent-controlled apartments in New York City, a primary residence is required in Mitchell-Lama buildings. Unauthorized subletting is not allowed.

What happens when Mitchell-Lama Goes Private?

“When a Mitchell-Lama ‘goes private,’” explains Andrew Brucker, attorney at the New York office of law firm Armstrong Teasdale, “it reconstitutes as a free-market co-op. Since the shareholders own the shares already, there should be absolutely no reason for any shareholder to have to purchase their stock over again.

What happens when you move out of a co-op?

Moving out of the co-op means selling your share back to the company. This process is outlined in the co-op charter which requires you to work with the co-op so it has time to resell an apartment that is in near pristine condition.

What happened to the Mitchell-Lama co-ops?

A number of Mitchell-Lama co-ops have exited the system as well. The remaining Mitchell-Lama developments are supervised by the NYC Housing and Preservation Department (HPD) (a list can be found here, organized by borough) or the NYS Division of Housing and Community Renewal. 2.

Who supervises Mitchell-Lama apartments in NYC?

The remaining Mitchell-Lama developments are supervised by the NYC Housing and Preservation Department (HPD) (a list can be found here, organized by borough) or the NYS Division of Housing and Community Renewal. 2. The big differences between a Mitchell-Lama building and a “normal” apartment building

Is there a master list for applying for a Mitchell-Lama development?

There are both New York City supervised Mitchell-Lama developments and New York State supervised Mitchell-Lama developments. Each development requires that you apply separately. There is no master list for applications. However, you can apply to more than one development at a time.

Is Mitchell-Lama a doorman building?

While they are not doorman buildings, they do tend to be well-staffed with porters, handymen and security guards. Like rent-controlled apartments of yore, Mitchell-Lama apartments are prized possessions, with residents moving out feet first.