Friday, February 7, 2014

The Return of Mitchell-Lama?

Pols Plan New Mitchell-Lama Housing for Middle Class
Will be interesting to see how this turns out. Something's got to give; working people are being wrung dry by the cost of housing, and many more are in tenuous situations.
"That range sounds pretty expensive for a family earning $75,000 to $100,000, but it's certainly more affordable than current market rate rents in prime areas of Brooklyn. Perhaps also the apartments would be roomier — and more suitable for a family with children — than comparably priced units on the open market, if past Mitchell-Lama units are any indication. The 1950s-era program created more than 100,000 homes statewide. The new program would cost $750 million to build several thousand units in New York City and four upstate cities over a span of five years. The state, for its part, would kick in $150 million each year "to finance more affordable mortgages for developers and create a new tax credit for the developments," said the story."
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Shared from the Digg iPhone app
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