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Location: Read the Marketing Handbook, and Income a Guide.
2,005 posts, read 1,626,371 times
Reputation: 479
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Quote:
Originally Posted by jc718
Exactly, why open up a lottery list if they will be possibly moving out of the Mitchell Lama program? I want MORE building to be in the Mitchell Lama program not leave. I almost don't want to apply.
To be clear. Cadman TOWERS, and Cadman PLAZA are different buildings. I have not heard anywhere that Cadman Plaza, repeat Cadman Plaza, presently has any action toward withdrawing from Mitchell Lama. If you enter the Cadman PLAZA lottery it will have no impact on your status a Cadman TOWERS
Opening up a lottery list is rational, and possibly required under regulations even if a building might possibly change its status. The possibility that a building might change its Mitchell Lama status should not be used to constrict new residents from moving in.
Not entering the 2 and 3 bedroom waitlist lotteries at Cadman Plaza and Pratt Towers is not recomendable if you support Mitchell Lama. If you want MORE Mitchell Lama enter lotteries you are interested in to show support of the program.
Location: Read the Marketing Handbook, and Income a Guide.
2,005 posts, read 1,626,371 times
Reputation: 479
Unclear to me if this can be challenged or not. Getting approved in a vote is not the same as the conclusion and completion of the conversion. Until the new corporation or co-op is legally recognized there can still be vacancies. I can’t guess what happens when a vacancy occurs. Could a vacancy be held (how long?) until the conversion is completed?
If this is HDFC, would they be allowed, if they wished, to transfer existing waitlist to a new waitlist?
Some more context (some info here that might ease this disappointment for some). From an email from the Committee to Protect Cadman Towers:
"We are so sorry to let you know that despite the efforts of the Committee to Preserve Cadman Towers, the shareholders at Cadman Towers voted to leave the Mitchell-Lama program and to become an HDFC cooperative. All of the ramifications of this vote are not known yet. The lawsuit by some of the shareholders as well as the City Council vote on whether or not to grant the new HDFC co-op a tax exemption could potentially stop the transition - but, we're not feeling optimistic.
We will likely ask City Council members not to grant an HDFC Cadman a tax exemption -- and you could join us in this effort -- but, again, we're not optimistic.
A few things that might be helpful to those on the waitlist:
-the transition will take about a year - so the building will have to continue to fill vacancies from the ML waiting list during that time
-those on the ML wait list will be able to apply for the apartments but the costs will be 4-5 times higher
Some more context (some info here that might ease this disappointment for some). From an email from the Committee to Protect Cadman Towers:
"We are so sorry to let you know that despite the efforts of the Committee to Preserve Cadman Towers, the shareholders at Cadman Towers voted to leave the Mitchell-Lama program and to become an HDFC cooperative. All of the ramifications of this vote are not known yet. The lawsuit by some of the shareholders as well as the City Council vote on whether or not to grant the new HDFC co-op a tax exemption could potentially stop the transition - but, we're not feeling optimistic.
We will likely ask City Council members not to grant an HDFC Cadman a tax exemption -- and you could join us in this effort -- but, again, we're not optimistic.
A few things that might be helpful to those on the waitlist:
-the transition will take about a year - so the building will have to continue to fill vacancies from the ML waiting list during that time
-those on the ML wait list will be able to apply for the apartments but the costs will be 4-5 times higher
We will be back in touch when we know more."
Interesting, usually HDFC co-ops are all-cash purchases from what I've seen in RE listings
Will this be the case here as well?
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