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New york state mitchell lama housing11/25/2023 Other benefits that ML cooperators enjoy include the ability to easily move within the developmentĪs their family composition changes - for example, moving from a one-bedroom to a two-bedroom ‘double equity’ in some developments - the extra equity is dedicated to funding building repairs.any assessments paid by the previous owner.the amortization (money paid by previous owner each month toward the building mortgages).the ‘limited-equity’ price (based on the actual cost of paid-in capital) to purchase the apartment’s shares in the housing corporation.In a ML co-op, an eligible purchaser (based on income and family size) pays: This allows the next family on the waiting list to own an apartment affordable to moderate-income New Yorkers. Better, we would argue, than even the ‘limited-profit’ models, ML cooperatives maintain affordability over generations because costs are kept low when no one makes a profit which would increase costs with each sale. Intended as a place to live and not as real estate speculation, the design of ML cooperatives is particularly brilliant for long-term, sustainable, affordable housing ownership for diverse communities. It was envisioned by community groups and created by the New York State legislature in the 1950s and has successfully housed hundreds of thousands of New Yorkers in stable homes and communities since that time. Simply put, it is a housing program for working New Yorkers. ML shareholders sell their apartments for what they put into them, without making a profit and without the risk of taking any loss. Often called the best of New York State’s affordable housing programs, Mitchell-Lama cooperatives are NOT-FOR-PROFIT.
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