The Real Deal New York

Co-op City considering leaving affordable housing program

April 07, 2008 09:54AM

The elected board of Co-op City, home to 55,000 people, are considering pulling out of the state’s Mitchell-Lama program, which would lift income restrictions and allow owners to sell their units on the open market. “That would be good for those who want to sell, but not so good for those who want buy,” said Othelia Jones, the board’s president. A similar move was considered four years before structural problems forced the closure of the Bronx complex’s eight garages. Several other Mitchell-Lama properties have opted out of the program. 

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