City Comptroller Warns Of Possible Affordable Housing Shortage
NY1, February 18, 2004. NY1 Online

City Comptroller William Thompson warns New York could lose more than 40,000 units of affordable housing over the next decade if all of the city’s low-cost developments slated to retire their subsidized mortgages in the next 10 years decide to withdraw from the programs.

So far, 11 developments representing some 6,300 units have submitted notice to leave the Mitchell-Lama and Limited Dividend programs. A minimum of 59 of these developments are scheduled to retire their subsidized mortgages by 2015.

In a report released by the comptroller’s office Wednesday, Thompson makes several recommendations to avert any future problems, including developing new loan program incentives for building owners stay in the Mitchell-Lama and Limited Dividend programs.

Thompson also suggests talks between building owners and elected officials to maintain the low-cost developments, and/or increase the production of affordable housing.

The Mitchell-Lama and Limited Dividend programs created 292 housing developments totaling more than 149,000 units of affordable housing in New York City between 1928 and 1978.