Subsidized Housing Program Compliance and Redevelopment Lawyers in New York
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 to convert their properties to market-rate co-ops, rentals, or rent-stabilized housing — once they have repaid their mortgages after the required period of participation in the program.
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 the program’s requirements can be challenging.
At Rosenberg & Estis, P.C., our attorneys have the experience to help any New York property owner navigate the city’s subsidized housing programs.
Lawyers from Rosenberg & Estis, P.C. represent and advise owners seeking to transfer 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.