Mitchell-Lama bills passed

The City Council passed two bills yesterday meant to staunch New York’s loss of units in the Mitchell-Lama affordable housing program. One bill eliminates a $40,000 cap on the assessed value of units that can qualify for renovations. The other bill allows Mitchell-Lama condo or co-op owners to receive tax benefits for repairs and to finance those repairs through government-subsidized loans. more [NYT]