8/23/2023 0 Comments Nyc connect mitchell lama housing“If the board can’t wrap their mind around it, forget it,” says one agent.Ĥ. (A $20 million purchase will necessitate a net worth of at least $60 million in the pickiest of buildings, says one broker.) Portfolio statements must be easy to comprehend, your source of income transparent. If you’re buying, say, a $10 million apartment for all cash, as many of these buildings require, you’ll need at least that amount left over after the purchase in liquid or easy-to-liquidate assets. Best to stick with well-respected references from noncontroversial fields-an Ivy League or hospital president is ideal.ģ. “You do not ever want a reference who is high profile in any negative way,” says one broker who handles listings in white-glove co-ops. Politicians are risky a letter from Bill de Blasio may not have its intended effect if there’s a Koch brother on the board. Those looking to call in a celebrity reference should avoid flashy names, says one high-end real-estate executive, and stick to those with more gravitas like Fox, Katie Couric, or Tom Brokaw. Whatever you do, says one agent, don’t write a letter explaining your past scuffle with the attorney general-it’s best to communicate your worries sotto voce.Ģ. “You should live and die by your reputation.” If there’s something you’re apprehensive about-an unflattering “Page Six” item, for example-discuss it with the listing’s broker, who can float the issue by some board members to see if it actually poses a problem. “The closer to sainthood you are, the better,” says Stribling’s Kirk Henckels. Not to be too macabre, but should your relative pass away, you can take over the place if you’ve been living there at least two years.ġ. You can sometimes inherit a spot on the wait list if, say, your parents were prescient enough to sign up back in the late eighties, but even if you were an infant at the time, you would have had to have been on the application already, says attorney Dean Roberts, a Mitchell-Lama specialist.Īnother way to land one is to move in with a family member who already lives in a Mitchell-Lama apartment. Waiting lists are typically chronological, though sometimes veterans and people with disabilities get to move ahead of others. Most have waiting lists, and often they’re closed, but when they do open up, the development runs ads in local papers, and you’ll have to act on them fast. Mitchell-Lama apartments work a little differently from 80/20s you’ll need to send in a letter and an application to the managing agents for each one. If it’s a Mitchell-Lama apartment you specifically want-though their numbers are dwindling as their contracts expire-visit the Department of Housing Preservation and Development website. If you’re rejected, the site will let you know how to appeal or redirect you to other developments. You can track your application online-the process can take anywhere from two to ten months before you hear back. Now all it takes to get started is a visit to the city’s NYC Housing Connect website, which lists projects currently accepting would-be tenants and the deadlines and income caps associated with each one, plus an online form you’ll need to submit. That’s if you were lucky enough to find the ads buried in the Daily News, El Diario, or the Amsterdam News announcing openings for these high-rises. Until last year, when the city moved the whole process online, applying for affordable housing like an 80/20 development-where 80 percent of the units are market rate and 20 percent are well below-meant sending in individual postcards that would enter you into a lottery for a particular building. How do I get into an 80/20 or Mitchell-Lama building?
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