From the New York Times: The Income-Restricted Apartment

WITH the median price of an apartment in Manhattan topping $1,000 a square foot, homeownership is often far out of reach. But there are options for those who cannot afford the market rate, including co-op apartments for buyers who earn a certain percentage of the area median income, or A.M.I.

....

Many programs and organizations, including federal, city and state agencies and nonprofits, help finance and develop these buildings. The best known is the Mitchell-Lama program. Begun in 1955, Mitchell-Lama enabled the construction of new low- and middle-income rental and co-op buildings throughout the city.

Another program, run by the Urban Homesteading Assistance Board, works with the city on co-op conversions of buildings taken over from delinquent landlords. Tenants help with renovations and can eventually buy the units for low prices. About 30,000 apartments are in the program, which is administered by the city's Department of Housing Preservation and Development.

Since 2003 the city's Housing Development Corporation has also been partnering with both for-profit and nonprofit developers to create new affordable apartments — 1,767 units in 21 buildings.

The benefits of promoting homeownership in this way extend far beyond the individual owners, said Andrew Reicher, the executive director of the Urban Homesteading Assistance Board.

"In the Lower East Side, in Harlem, in Bed-Stuy,"; he said, "these owners stuck it out and struggled to improve their block, and improvements spread from their work. And they are not displaced when the neighborhood turns around."

Read full article here.

Published Date: 
Thu, 2012-05-17 (All day)
Publication: 
New York Times