Mayor’s love affair with affordable housing continues: city sets aside $250M to preserve Mitchell-Lama units

Initiative meant to support city’s goal to preserve or create 300K affordable units

Oct.October 27, 2017 09:43 AM

Ryerson Towers and Mayor Bill de Blasio (Credit: Getty Images)

The de Blasio administration is setting aside $250 million to help Mitchell-Lama complexes remain affordable.

Mayor Bill de Blasio made the announcement at Clinton Hill’s Ryerson Towers on Thursday as part of his goal to build or preserve 300,000 affordable housing units by 2026, according to DNAinfo. This is an increase from his original goal of building or preserving 200,000 affordable housing units by 2024.

The money is meant to give loans to and help fund repairs at the city’s Mitchell-Lama complexes, but they will only get the funds if they remain in the program for 20 more years. De Blasio said many apartments in the program are feeling pressured to switch to private units and that about 20,000 units in New York had left the program over the past 30 years.

“There are about 45,000 apartments in this city in Mitchell-Lama buildings that now are threatened with falling out of affordability and going market-rate,” he said, according to DNAinfo. “Our job is to stop that.”

Mitchell-Lama, a statewide program created in the 1950s, granted tax abatements and subsidized mortgages to developers for the construction and maintenance of rental and co-op properties. In February, residents of the St. James towers in Fort Greene rejected a plan to privatize the Mitchell-Lama building.

In August, the state comptroller issued a report that several Mitchell-Lama buildings were bugling waiting list requirements, letting apartments sit vacant for as many as five years. [DNAinfo]Eddie Small

Related Articles

A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

From left: Stephen Ross and Jeff Blau of Related and Donovan Richards (Credit: Getty Images)

Stephen Ross, Jeff Blau among donors to Donovan Richards’s Queens BP campaign

From left: Former New York City Mayor Mike Bloomberg, former South Bend, Indiana Mayor Pete Buttigieg, Sen. Elizabeth Warren, Sen. Bernie Sanders, former Vice President Joe Biden and Sen. Amy Klobuchar (Photo by Win McNamee/Getty Images)

Candidates talk housing issues at Democratic debate

DSS commissioner Steven Banks with 148 West 124th Street (left) and 79 East 125th Street (right) (Credit: Google Maps and Getty Images)

City will convert 14 apartment buildings into housing for homeless

A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)

New city rule requires luxury rental buildings to house homeless families

Boris Santos

A win for real estate: Socialist candidate halts Assembly bid

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments