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Is anyone familiar with the Mitchell-Lama program, in terms of asset limits and requirements?
I recently learned that with the new regulations, I would no longer be eligible for affordable housing (exceeded maximum allowance on asset limits). I just want to check if the Mitchell-Lama program also applied the same rules?
If anyone know where to find this piece of information, or website, please let me know.
Fucck do you own? Mitchell lama is not for people who own "assets" lol it's affordable housing publicly subsidized housing. You shouldn't really own anything but your car when you move in.
I've heard you can own a home/apartment and still be eligible for a Mitchell Lama coop. Check it out.
Technically you may be able to, I don't know whether or not you can for a fact, but I will say that when I applied for the buildings I live in they asked me about everything I owned (I didn't own anything) and they said that assets in your bank account and any property you own would be counted towards the income limit in a certain way.
Mitchell lama is really meant for working class families. It's really not too different then public housing as far as the socio-economic groups it targets. Public housing targets the poor and working class, while Mitchell Lama especially the co-ops, target the working class at the higher end of the public housing spectrum but don't attract the poo because of the minimum rent threshold that exists in section 236. In fact up until recently the Mitchell Lama income limit was the exact same public housing. Governor Cuomo significantly raised it in 2011 I believe. If you own property or have a higher income and you want to buy a subsidized co-op you should look at the city's other lesser known affordable housing program: the HFDC and HDC Co-op programs. Many of the new HFDC co-op programs are supposedly Not that difficult to get into because they require that you are middle income, but then want you to pay a serious purchase price which many Middle and low income families don't want to pay or can't afford. The key difference between Mitchell Lama and HFDC co-ops is that in Mitchell Lama you purchase at extremely low limited equity and can't sell for any more than that (for instance my apartment was like $10,000). In HFDC you purchase for only a slightly subsidized price but you you can then sell for sign if any profit (although not at market to my knowledge). So for instance you'd pay $100,000 at an HFDC co-op, but you could sell for $150,000 in a couple of years
Technically you may be able to, I don't know whether or not you can for a fact, but I will say that when I applied for the buildings I live in they asked me about everything I owned (I didn't own anything) and they said that assets in your bank account and any property you own would be counted towards the income limit in a certain way.
Mitchell lama is really meant for working class families. It's really not too different then public housing as far as the socio-economic groups it targets. Public housing targets the poor and working class, while Mitchell Lama especially the co-ops, target the working class at the higher end of the public housing spectrum but don't attract the poo because of the minimum rent threshold that exists in section 236. In fact up until recently the Mitchell Lama income limit was the exact same public housing. Governor Cuomo significantly raised it in 2011 I believe. If you own property or have a higher income and you want to buy a subsidized co-op you should look at the city's other lesser known affordable housing program: the HFDC and HDC Co-op programs. Many of the new HFDC co-op programs are supposedly Not that difficult to get into because they require that you are middle income, but then want you to pay a serious purchase price which many Middle and low income families don't want to pay or can't afford. The key difference between Mitchell Lama and HFDC co-ops is that in Mitchell Lama you purchase at extremely low limited equity and can't sell for any more than that (for instance my apartment was like $10,000). In HFDC you purchase for only a slightly subsidized price but you you can then sell for sign if any profit (although not at market to my knowledge). So for instance you'd pay $100,000 at an HFDC co-op, but you could sell for $150,000 in a couple of years
Another thing with HDFC is you better hire an architect and a contractor buying one of those apartments...u lucky if you get move-in condition, and if you do, 9 times out of 10 it will be a walk-up
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Technically you may be able to, I don't know whether or not you can for a fact, but I will say that when I applied for the buildings I live in they asked me about everything I owned (I didn't own anything) and they said that assets in your bank account and any property you own would be counted towards the income limit in a certain way.
Mitchell lama is really meant for working class families. It's really not too different then public housing as far as the socio-economic groups it targets. Public housing targets the poor and working class, while Mitchell Lama especially the co-ops, target the working class at the higher end of the public housing spectrum but don't attract the poo because of the minimum rent threshold that exists in section 236.
I applied for a Mitchell Lama coop and the maximum income for a couple was $96,000/year. That's not really considered working class in New York City. It's more middle class.
My income was low but my reported liquid assets, over and above retirement accounts, exceeded $300K and I was approved for M-L.
If anybody has a firm asset limit, please let us all know.
Last edited by Kefir King; 03-02-2017 at 06:55 AM..
My income was low but my reported liquid assets, over and above retirement accounts, exceeded $300K and I was approved for M-L.
If anybody has a firm asset limit, please let us all know.
That's why I was not sure, and I though I should ask. Some people just get over reacted and though people that apply for M-L shouldn't own anything at all.
There are people in NYC who make above the limits but isn't even to get their own apt, and all we are trying to do is to find ways to save a little more so eventually we will be able to make it to our own apt. In fact, once you make it into any program, they don't check your asset anymore, very FUNNY!
All I know is that retirement accounts does not count toward your asset limit in affordable housing. According to rumors, that's supposed to encourage you to save for retirement? Ideally, the government wants everyone to put all their dime into retirement.
Let's just hope everyone make it to at least retirement age, and above and beyond that, to make the investment worth it. Personally I am not sure how I can retire without finding a stable rental or getting my own apt at some point.
Ideally, the government wants everyone to put all their dime into retirement.
But yet they put upper limits on contributions to retirement plans.
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