What role does the New York City Housing Development Corporation play in the Mitchell-Lama Program and in preserving affordable housing?
The New York City Housing Development Corporation (HDC) holds first mortgages on approximately 75 Mitchell-Lama rental and cooperative housing developments. HDC is now offering the owners and cooperative corporations within HDC’s Mitchell-Lama portfolio the opportunity to restructure their first and second mortgages and refinance at a lower interest rate and for a longer period of time. HDC also has a second program, a repair loan program, in which financing is available to owners and cooperative corporations for making necessary capital improvements on buildings in disrepair. Upon entering either program, owners and/or cooperative corporations are required to keep their buildings within the Mitchell-Lama Program. In turn, these programs preserve affordable housing for thousands of New York residents that could potentially be subject to unaffordable rent or maintenance escalations.
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