Mitchell Lama rentals (co-ops, mortgages, to buy)

[livingsinglenyc]

I see that some of the Mitchell Lama rentals are Non-Federally Subsidized and some are Federally Subsidized. I know what that means but does that mean anything term of the quality of the building/apts?

[Kefir King]

It means only that some can discriminate against non-NY residents and some cannot. If a building takes federal money it must be open to all U.S. citizens.

The same federal-state differentiation exists for ML co-ops as well.

But the co-op is the better way to go becasue you have cooperators making decisions on how to spend the money instead of landlords who often have different axes to grind than residents.

I think that between state only and state-federal, the federal might be better quaitywise because they often have access to a bigger poll of cheap money.


Problem with the RENTAL Mitchell-Lamas is that the landlords can now buy OUT of the system, by paying off their government mortgages, and the tenants are exposed to years of confusion and chaos. The Co-ops tend either to remain as-is or IF they choose to buy out the mortgage, the residents become the OWNERS and can sell on the open market usually at a HUGE profit.

[livingsinglenyc]

yes i'm putting my name in some of the mitchell lama co-op waiting lists, but i thought in the mean time I could try one of the rentals that have open apts now.

[Dsny]

Does anyone know how Bay Towers in Rockaway Beach are??

[Kefir King]

When I checked them out 2 decades ago, BAY TOWERS were NOT a place to consider.
But that was a long time ago, maybe someone has more current info.

[SeventhFloor]

Originally Posted by Dsny

Does anyone know how Bay Towers in Rockaway Beach are??

I haven't been in there since the '80s when I was a little kid but when I used to go there it was very clean. Can't speak for it now.