Village East Towers Mitchell Lama (fit in, apartment, co-op)

[theslump]

Hello all,

So I blindly applied to the waiting list for Village East Towers Mitchell Lama and got a waiting list number in the 20s range for the Studio Lottery. I am not familiar with the process so is the 20 range a good waitlist number?

Mitchell Lama is kind of a new thing for me since I have not own a home before so I have to ask:

The listed purchase price of the studio goes for $23,735.67 - $25,348.07 and a carry charge of $570.93 - $598.61. Does that mean I have to buy the studio for $26k and pay a monthly $600 maintenance fee?

Thanks!

[MiaNow]

Yes! It's a good number. And yes, you will have to purchase the apartment (no mortgages for Mitchell Lama buildings) and pay the monthly carrying charge, which likely includes your gas and electric.

[macnyc2003]

Welcome to the board! There’s already a thread for this development, so it’s best to use that and keep all the discussion handy:

https://www.city-data.com/forum/new-...hell-lama.html

[ForMyIsla]

Good Evening,

So, I recently applied for East Village and Ruppert Mitchell lama. Im sure the waitlist will be two years or more. How should I prepare. I am a Registered Nurse with one child. I see that I fit inside the income brackets. Do they count assets and investments? And I believe I read somewhere on the form that there is no mortgage, so I will have to purchase the whole co-op?

[WildAboutHarry]

Originally Posted by theslump

Hello all,

So I blindly applied to the waiting list for Village East Towers Mitchell Lama and got a waiting list number in the 20s range for the Studio Lottery. I am not familiar with the process so is the 20 range a good waitlist number?

Mitchell Lama is kind of a new thing for me since I have not own a home before so I have to ask:

The listed purchase price of the studio goes for $23,735.67 - $25,348.07 and a carry charge of $570.93 - $598.61. Does that mean I have to buy the studio for $26k and pay a monthly $600 maintenance fee?

Thanks!

That is my understanding. Congratulations. Start saving money now if you don’t already have funds for the purchase.

Mortgages are very different for Mitchell-Lama co-op than for regular house. And some don’t allow mortgages. I have heard in general that co-op sometimes have a cap on the amount that can be financed. Also, I have heard there are some Mitchell-Lama that have some sort of internal loans. Some say no mortgages at all. There is a short list of banks and credit unions that provide financing for Mitchell-Lama. Some buildings will let you put an application on hold while you raise funds for purchase. Besides, mortgages, it might be possible to borrow money from a bank for the purchase but it’s a loan not specifically a mortgage.

In general Mitchell Lama is a hard deal to beat which can make it worth it to tolerate the various non-typical aspects and paperwork.

Great that you have 20s number. It’s hard to know how many of the lower numbers will be valid. Some might not even reply to the notice that they now have a log#. Some might have entered without being qualified, or without a very strong interest in actually moving in. So it’s a hurry up and wait scenario. 427 units total across all sizes. Be patient and polite, with your number the building might be responsive to questions and referrals to how to get financing. After some time they will know better an estimate of how many people are ahead of you.

[macnyc2003]

Welcome to the board! There’s already a thread for this development, so it’s best to use that and keep all the discussion handy:

https://www.city-data.com/forum/new-...hell-lama.html