The New York City Housing Development Corporation established the Mitchell Lama Preservation Program to preserve the affordability of rental homes funded through the State’s Mitchell-Lama Housing Program, which began in 1955. The Mitchell-Lama Preservation Program seeks to preserve these homes through two products:
- The Repair Loan Program preserves Mitchell-Lama developments by offering a loan to owners in order to make needed capital improvements.
- The Mortgage Restructuring Program offers owners within the Housing Development Corporation’s insured Mitchell-Lama portfolio the chance to restructure the first and second mortgages held on the properties. The mortgages are refinanced at a lower cost to the owner and for a longer period of time. Savings can be taken in the form of further reduction of payments or as funds to repair the property.
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