![]() The cooperative is not broke but does not have sufficient funds to pay for all necessary repairs which were estimated at between $9-$15 million (including about $5 million in now funded garage repairs) in 2020. Whether or not to remain in the Mitchell-lama program has been a divisive issue among shareholders for decades. A few months ago shareholders voted in favor of a capital assessment that will be levied over the course of one year to fully fund approximately $5 million in garage repairs. The apartments under the Mitchell-Lama program includes cooperative apartments ('co-ops') and rentals. The garage was vacated because of deteriorated concrete and rebar in September 2021. As of August 2019, the application fee for new waitlist applicants is 75 and is non-refundable. Named after New York State Senator, MacNeil Mitchell, and Assemblyman Alfred Lama, Mitchell Lama is a housing program designed to create and maintain affordable housing for middle-income individuals in New York. The difference would have been used to fund repairs. MITCHELL-LAMA CO-OP APPLICATION AVAILABLE Applications are due June 7 for EAST MIDTOWN PLAZA on 333 East 23rd Street. I sent in my application and money, but havent been contacted yet. I made it onto the Cadman Plaza 2019 list. The current mortgage obligations of 140 Cadman total about $6million. Mitchell-Lama section of NYC Housing Connect (time) User Name: Remember Me: Password. In May of 2021 shareholders of 140 Cadman Plaza West voted (93 in favor, 100 against) against accepting a roughly $20 million loan at about 3.25% annual interest from HPD/HDC that would have required the building to remain a Mitchell-Lama for 30 years. Any residents of 100 Remsen or 111 Hicks willing to share details of their buildings financials?
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