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.