Cooperators United for Mitchell-Lama

SAVE CADMAN TOWERS

Help us stop the City Council from allowing Cadman Towers to leave Mitchell-Lama!

Bring signs and testimony to the Finance Committee meeting at 10AM Thursday 4/18! Note the new location: 250 Broadway, 14th floor.

Sign up to testify at this link:
https://council.nyc.gov/testify/

For more information about 2 to 11 conversions, read our flyer.

Major government funding for repairs in ML co-ops

Major investments by government in aging Mitchell-Lama developments enable overdue capital repairs & compliance with climate mandates. These actions preserve deeply affordable Mitchell-Lama co-ops for future generations.

Through this recent history of substantial funding initiatives for the critical repair needs of aging Mitchell-Lama co-ops, the supervising agencies have shown the ability to invest in this not-for-profit model of housing while while holding debt service payments steady and thus not burdening the lowest income shareholders with large maintenance increases. The Mitchell-Lama program, New York’s premier example of social housing, assures that costs will remain affordable for current residents, and that purchase prices will continue to be affordable to lower- and moderate-income New York working families.

Here are a few examples:

  • $7.6 million dollar subsidy loan to Inwood Tower in Washington Heights, announced by HCR in February 2022.
  • Cadman Plaza North is in the process of closing on an approximately $33 million dollar HPD package of very low-interest loans.
  • Rosalie Manning, in Yorkville, even though the smallest Mitchell-Lama in Manhattan, got a very low cost $14 million dollar refinancing package in June of 2023.

Further government investment is needed to preserve the existing Mitchell-Lama developments, and to restart and expand this highly successful model of housing by enacting a permanently not-for-profit Mitchell-Lama 2.0 program that will ensure deep affordability in perpetuity.

ML Reform Act of 2021
CU4ML is one part of the three-organization coalition that makes up Mitchell-Lama United (MLU). Together we successfully passed the Mitchell-Lama Reform Bill of 2021, and it was signed into law by Gov. Kathy Hochul.

These new amendments to the Mitchell-Lama Law help protect tens of thousands of affordable cooperative apartments from
privatization. They also include governance and voting reforms to increase transparency in Board operations and reduce corruption in voting.

  • Raises privatization vote threshold to 80%
  • Mandates open Board meetings so shareholders can be informed about and participate in the affairs of their co-op
  • Mandates information-sharing by Boards regarding refinancing or dissolution (privatization) plans
  • Enacts voting reforms to assure secret ballots and reduce corruption

Read more about how the bill amended the Mitchell-Lama Law in our flyer about these new provisions