Beginning in 1977 (after New York City’s fiscal crisis in the 1970s), the New York City Housing Development Corporation (HDC) and the Federal Housing Administration (FHA) refinanced many of the City’s Mitchell-Lama portfolio. The program also required ongoing supervision by the agency originally sponsoring the development of the project, either the New York City Department of Housing Preservation and Development (HPD) or New York State Homes and Community Renewal (HCR). In exchange for low-interest mortgage loans and real property tax exemptions, the Mitchell-Lama program limited profits and placed income limits on tenants or cooperative owners. The Mitchell-Lama program has subsidized the construction of 269 developments, with over 105,000 apartments for middle-income households. Agency: NYS Homes and Community Renewal (NYS HCR).
