Mitchell lama coop or Section 8? (MLS, pay, to work)

[Kefir King]

Originally Posted by randomperson2

That's nonsense. If you're earning, say, $25K, even if you saved $1000 a year, which would be pretty effing challenging, it would take you 25 years!
.

Mr.Retired and I, and many others here know for certain that 25 years has a way of HAPPENING.

[SoullessOne]

Originally Posted by cleasach

Wow. Can you expound on that? I don't know anything about ML. I thought it was a program to enable low income folks to purchase apartments, but are you saying that these people have to have all cash to purchase the apartment? How can they save that kind of cash if they are low income?

ML is not only for low income people. ML is for anyone who have the cash on hand to buy the apartment up front as long as their yearly income does go over the maximum income requirement for the selected size apartment and they can afford the monthly maintenance fee.

Also they do rent to own in the ML if they choose.

[Kefir King]

Also they do rent to own in the ML if they choose.


First I have heard of it.

[NeedThatApt]

Originally Posted by randomperson2

That's nonsense. If you're earning, say, $25K, even if you saved $1000 a year, which would be pretty effing challenging, it would take you 25 years!

Sometimes I wish some of the people on this forum could find themselves living in such a situation for a year or two (without knowing it would end). A lot of tunes would be changing very quickly.

Yeah tons of clueless and unkind "people" in here.

[SoullessOne]

Originally Posted by Kefir King

Also they do rent to own in the ML if they choose.


First I have heard of it.

Yep they can totally do it. They can rent to own and get default cheap white stove and white fridge that eventually turns yellow or then can pay in full and buy their own stove and own fridge where people just get stainless steel or black stainless steel.

[Kefir King]

You cannot "rent to own" in my ML complex.

[SoullessOne]

Originally Posted by Kefir King

You cannot "rent to own" in my ML complex.

I guess it varies by the management that owns the property. Same how some require residents to have home owners/renters insurance and some don't

[shadypinesma]

There's no such thing as rent to own in a ML.

They're either rentals or coops.

[SoullessOne]

Originally Posted by shadypinesma

There's no such thing as rent to own in a ML.

They're either rentals or coops.

Maybe im using the wrong wording to get across what im trying to say. Should I be saying "Rent with the option to buy" instead of "rent to own"? I know someone whose renting a ML apartment that's paying maintenance + the cost of the apartment divided over a certain amount of years. They have the option to overpay every month, and whatever is left over after the maintenance fee + (cost of the unit divided by X months) is deducted is applied to the over all cost of the apartment.

they way they explained it to me was if they decide they do not want the unit and leave then they are refunded what they paid towards the apartment minus the maintenance fees.

[shadypinesma]

No, you’re using the right words. It’s just that MLs are not supposed to work like that. Whichever ML that is, is deeeeefinitely not following the rules. Perhaps your friend is mistaken. Lots of people in my ML for example will argue until they are blue in the face that they pay “rent” and not carrying charges and that we all don’t own our apartments... lol. It’s a co op development!