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City Comptroller Warns Of Possible Affordable
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.
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