What is the Mitchell-Lama Program?
The Mitchell-Lama Program originated in 1955 from a bill signed into law by the Governor of New York, encouraging the construction and continued operation of affordable housing. After twenty years, by law, a mortgagor is permitted to repay their mortgage, thus releasing its property from the government controls that have kept rents affordable unless there are other binding restrictions such as City land disposition restrictions. Once an owner or cooperative corporation opts out of the Mitchell-Lama Program, the property is released from any “affordable housing” protections and the owner or cooperative may be able to charge market rates.
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