On October 26th, Mayor Bill de Blasio announced that the City will invest $250 million to protect 15,000 Mitchell-Lama apartments at risk of flipping to market-rate. This will be part of his 300,000-apartment affordable housing plan.
“From Coney Island to the Upper West Side and for decades, hundreds of Mitchell-Lama buildings have offered stable, affordable homes for New York working families. We cannot afford to lose one more of these homes. We’re investing to protect them for the seniors and families who helped build our neighborhoods, and for generations to come,” said Mayor Bill de Blasio.
The City’s initial investment of $250 million aims to leverage an array of financing tools to restructure existing debt, provide long-term tax benefits, and fund critical capital repairs to prevent loss of these affordable homes and apartments.
“On behalf of the Brooklyn Mitchell-Lama Task Force, we are excited and thank Mayor de Blasio for choosing Brooklyn to make this important announcement,” said co-chair of the Brooklyn Mitchell-Lama Task Force Dealice Fuller. “We are also grateful for the ongoing support of all our elected officials across the five boroughs and especially Borough President Adams, who has been a staunch supporter and protector of our Mitchell-Lama program. We look forward to continue our work and advocacy with City and State agencies on preserving this vital housing stock.”