Mitchell lama application fees

[Kefir King]

jd,

There is a LITTLE self limiting of the size of these waiting lists. When they get too big they close.

But yeah, to find out where you stand will cost you an irrevocable $50. But if it takes 10 of these ($500) to get you the bargain of a lifetime, it's worth it.

Back in the dark ages, perhaps the early 80's, maybe earlier, the City published a beautiful glossy magazine with each Mitchell Lama getting a full page with everything you wanted to know, where to write, what to send. All it cost to get this magazine was the cost of a postcard. I of course sent the postcard.

So many of them seemed terrific but the thought of waiting 5 or 10 years seemed so far away and the front money for a huge pile of applications seemed daunting.
So then 30 years have passed and I can tell you that by not sending any of them in I did perhaps the dumbest thing of my entire life.

Rememer one thing: TIME PASSES.

[aweitzm1]

I was looking at this and all the ones I wanted to apply to the waiting list were closed? Does anyone know how often the waiting list opens up? Also which is better a coop or rental? Just curious to see people's opinions. I am leaning to coop because eventually you may earn some equity in the building.

[cbarnett2]

It depends. From past forum I was informed every 5 years the waiting list opens. Keep checking the nyc.gov website and contact the management office and asks them when is the waiting list open period available for application.

[cbarnett2]

Just want to keep you up to date.. I received my letter from Trinity House and I will be on the waiting list. ..... Another 8-10 years. I am debating if I should submit my application fee. The waiting list number is 111. I have untile June 21 to submit the application.

[Kefir King]

Originally Posted by aweitzm1

I was looking at this and all the ones I wanted to apply to the waiting list were closed? Does anyone know how often the waiting list opens up? Also which is better a coop or rental? Just curious to see people's opinions. I am leaning to coop because eventually you may earn some equity in the building.

It's more than just equity buildup.
A Mitchell Lama building can be bought out of the program by paying off all governmental mortgages after 25 years, and almost all of them have passed this mark already. A landlord may be VERY tempted to do this whereas to do it with a coop requires several votes by the cooperators to take themselves private.

Of course, in a rental, the valuable price appreciation of apartments goes solely to the landlord. In a coop buyout, every shareholder gets to own or sell his vastly appreciated private co-operative apartment.

So, a Mitchell Lama co-op is a far more valuable commodity than a
rental apartment.

[livents]

So you mail them a postcard with what type of information on it?

[bilmin]

Originally Posted by cbarnett2

Thanks. I am going to submit the postcard and keep my fingers cross.

use a regular post card from the post office-- it comes with a stamp and looks a little better than your idea of an index card/