Mitchell-Lama

But unlike many other apartment buildings that exit the Mitchell-Lama program, the building at 1900 Lexington Ave. has remained affordable, he said.

Developer Plans Harlem Building Joseph De Avila 2011

A few years ago, Tahl Propp took one its apartment buildings at 1900 Lexington Ave. out of the New York state Mitchell-Lama affordable-housing program.

Developer Plans Harlem Building Joseph De Avila 2011

Residents of a large co-op on Roosevelt Island are trying a new approach to cap sales prices on their apartments as the building plans to leave the state's Mitchell-Lama affordable-housing program in coming months.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011

Island House is experimenting with an approach that would allow it to exit the Mitchell-Lama program by converting the rental to co-ops that will be sold with income restrictions, according to Frank Farance , a resident who has worked on the plan.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011

"We will be, as far as I know, the first building that would be able to find a middle ground between staying in Mitchell-Lama, which would result in higher maintenance to fix the building, and privatization," said Sanjiv Tandon , chairman of the co-op's finance committee.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011

Of that $500, the building will take a "transfer fees" of $150, which will allow it to subsidize the remaining 20% of units in the building, keeping prices near Mitchell-Lama levels.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011

Artists lived in studios there until 2004 after the building left the Mitchell-Lama program.

New Filling at Candy Factory Joseph De Avila 2012

During the 1970s, it became housing for artists under the state's Mitchell-Lama subsidized-housing program.

New Filling at Candy Factory Joseph De Avila 2012

The strategy provides a middle way, supporters say, between moving to market rates or staying in the Mitchell-Lama program and allowing a building to fall into disrepair because of a lack of maintenance funds.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011

The experiment comes as a total of four prominent Roosevelt Island buildings have left or are planning to exit the Mitchell-Lama program, which controls the prices landlords can charge on units in return for tax breaks and other benefits.

Co-op Tries 'Middle Ground' on Affordability Laura Kusisto 2011