April 14, 2008 – Assembly Speaker Sheldon Silver, Ways and Means Committee Chair Herman D. Farrell, Jr., and Housing Chair Vito J. Lopez announced today that the SFY 2008-09 budget includes $54 million dollars in funding for the Mitchell-Lama Rehabilitation and Preservation (RAP) and All Affordable programs.
There are 280 Mitchell-Lama housing projects statewide, and more than 120,000 apartment units, more than half of which are located within New York City.
RAP offers flexible, low-cost debt service financing to help the owners of Mitchell-Lama housing to make needed improvements to their properties or restructure their debt in return for committing to remain in the program and keep rents affordable.
All Affordable loans support the construction of housing in which every unit is affordable to low and moderate income tenants.
“For decades the Mitchell-Lama program has been a cornerstone of affordable housing in Lower Manhattan and throughout our city and state,” Silver said. “This year’s budget works to ensure the maintenance of these buildings and encourages participating property owners to stay in the program. The Mitchell-Lama program is essential in providing affordable units for thousands of families in New York City’s highly competitive housing market and across New York.”
“It is critically important in Brooklyn as in other communities in our state that property owners in the Mitchell-Lama program continue to have access to funding for building improvements,” Lopez said. “This budget helps participants make the necessary renovations, repairs and restorations of their buildings and extends the availability of affordable housing units for hardworking New Yorkers.”
“The RAP program helps Mitchell-Lama participants make needed repairs, keep their buildings up to code and become more energy efficient,” Farrell said. “Through the low-cost financing of this program, many affordable housing units throughout New York can modernize so they can continue to meet the needs of working families.”
