mitchell lama income restrictions? (rental, co-ops, loans)
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how can i find out what the bracket is (family of 3) and is there a maximum the rent can be? if it goes above a certain amount, doesnt seem worth it to me
My understanding is that if you make above the max at application, you will be rejected.
But once your in and let's say you eventually start making more than what you made when you initially qualifed and you are now above the max threshold they start tacking on a surcharge (which will probably still be way below market rates) to your rent. I believe that is how NYCHA works as well. Is that correct Seventh?
how can i find out what the bracket is (family of 3) and is there a maximum the rent can be? if it goes above a certain amount, doesnt seem worth it to me
Every complex has different income guidelines. They are usually listed on the application, or you can call the office of your desired complex and ask them, they should be able to tell you that over the phone.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
If anyone could shed some knowledge on how mitch lama coops work that would be much appreciated...
It works the same way as a regular co-op, only thing that sucks though is you get no equity, so you sell it back to them at what you paid for it...so if you make renovations you lose money on it, but if you're planning to stay there for the rest of your life, that doesn't make a difference.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Location: Vinings/Cumberland in the evil county of Cobb
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I lived in a Mitchell-Lama development before I left NYC, and I was hit with a 50% surcharge once my income approach $100K. But the rent was still better than most market.
I lived in a Mitchell-Lama development before I left NYC, and I was hit with a 50% surcharge once my income approach $100K. But the rent was still better than most market.
It works the same way as a regular co-op, only thing that sucks though is you get no equity, so you sell it back to them at what you paid for it...so if you make renovations you lose money on it, but if you're planning to stay there for the rest of your life, that doesn't make a difference.
Lately though a LOT of people have gotten a LOT of equity when and if their co-op pays off the underlying mortgage. Then it goes PRIVATE and the co-opers own the apartment outright and can sell it at market. There is a stiff "flip tax" around 40% back to the co-op but still, that $10,000 apartment can immediately turn into $300 G's in Manhattan...much more with a 3 or 4 bedroom apartment.
And then you move to the sticks and buy a CASTLE.
Lately though a LOT of people have gotten a LOT of equity when and if their co-op pays off the underlying mortgage. Then it goes PRIVATE and the co-opers own the apartment outright and can sell it at market. There is a stiff "flip tax" around 40% back to the co-op but still, that $10,000 apartment can immediately turn into $300 G's in Manhattan...much more with a 3 or 4 bedroom apartment.
And then you move to the sticks and buy a CASTLE.
Thats a Manhattan-only situation (exception to those buildings at Cadman Plaza in Brooklyn). The Mitchell-Lama in the outer boroughs won't ever see a flip like that.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I dont think there are anymore mitchell lama coops anyway. I've been reading up on the subject and there are a lot of ML rentals that have been done away with. Can they kick people out or stop the program? If so, they will have to relocate them right? I know they're doing this with the project people who have moved out of fort greene in brooklyn and one in harlem.
Will the ML laws expire? Is there no funding left?
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