Subsidized, privately owned housing in New York City is sponsored by several different city, state and federal agencies in an effort to provide affordable rental and cooperative housing to moderate and middle-income families. The most well known of these is the Mitchell-Lama program which allows owners of subsidized housing projects, once they have repaid their mortgage after the required period of participation in the program, to convert their properties to market-rate co-ops, rentals, or rent-stabilized housing.
These conversions can be very positive for building owners. However, subsidized housing in New York can also be a maze that requires an owner to have knowledgeable guidance. Even if a property owner decides to remain in a subsidized housing program, staying compliant with program's requirements can be challenging. At Rosenberg & Estis, P.C., our attorneys have the expertise to help New York property owners navigate the city's subsidized housing market.
Our attorneys represent and advise owners seeking to remove subsidized apartments from Mitchell-Lama or other affordable housing programs into redevelopment or to rent-stabilized status. We also counsel clients about compliance with and participation in the various state and city subsidized housing programs, including rental rates, tenant qualification, loans to building owners for repairs, mortgage restructuring programs, and tax benefits.
For more information about our New York rent regulation practice, please contact us.
