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Can you sell a Mitchell-Lama coop?

Unlike most co-ops, where the apartment is sold by the outgoing co-operator directly to the incoming co-operator, outgoing Mitchell-Lama co-operators sell their apartments back to the co-op, which in turn, sells it to the incoming co-operator.

What is the surcharge for Mitchell-Lama?

Mitchell-Lama rules require that residents verify their household income annually, and residents whose household income exceeds the applicable limit are obligated to pay a surcharge in addition to their scheduled basic rent/maintenance.

What is the surcharge on Mitchell-Lama housing?

When a tenant who is subject to HCRs annual income review procedure fails to submit a completed income affidavit, or necessary documentation, management is required to give the tenant one months notice that a 50% surcharge will be added to the rent.

Is Mitchell-Lama subsidized housing?

The MitchellLama Housing Program is a non-subsidy governmental housing guarantee in the state of New York. It was sponsored by New York State Senator MacNeil Mitchell and Assemblyman Alfred Lama.

How do you qualify for Mitchell-Lama housing?

For both federally-assisted and non-federally-assisted Mitchell-Lama developments, an applicants adjusted annual household income must not exceed a prescribed limit, the household composition and the size of the desired apartment must agree with the occupancy standards approved for the development, and the apartment

What is the Mitchell-Lama income verification audit?

Mitchell-Lama rules require that residents verify their household income annually, and residents whose household income exceeds the applicable limit are obligated to pay a surcharge in addition to their scheduled basic rent/maintenance.

How do Mitchell-Lama co ops work?

Often called the best of New York States affordable housing programs, Mitchell-Lama cooperatives are NOT-FOR-PROFIT. ML shareholders sell their apartments for what they put into them, without making a profit and without the risk of taking any loss. Simply put, it is a housing program for working New Yorkers.

How much does a Mitchell-Lama co op cost?

Co-ops range anywhere from $4K to $70K at the highest end of the scale. Maintenance for co-ops is also much lower than market value.

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