NY State Okays Transfer of 8,628 Mitchell-Lama Apts.

ALBANY-The New York State Public Authorities Control Board has approved the issue of $54 million in fixed-rate bonds to finance the transfer of a statewide Mitchell-Lama housing loan portfolio from New York State Empire State Development‘s Urban Development Corp. to New York State Homes & Community Renewal. The 8,628 multifamily units are located in 35 separate housing developments across the state, and the shift is intended to facilitate rehabilitation of Mitchell-Lama housing units that are suffering from deferred maintenance.

“The transfer of this nearly 40-year old portfolio to the care of New York’s main housing agency is being done responsibly and efficiently,” Gov. Andrew Cuomo says in a statement. “HCR is well-equipped to manage this important asset, and can now begin the task of preserving affordability and transforming aging Mitchell-Lama units back into safe homes that will continue to serve the needs of middle-class families and communities for generations to come.”