A Mitchell-Lama co-op waiting list has opened, giving New Yorkers the opportunity to purchase studios and one bedrooms well below market rates. The co-op, 1199 Housing Corporation, is located at 2120 First Avenue, overlooking the East River.
The purchase price for a studio is between $7,766 and $8,406. One bedrooms cost between $10,359 and $11,550. Both sizes of apartments have monthly maintenance fees, which is common in all co-ops and condos, including those that are not part of New York’s affordable housing programs.
The co-op is four city blocks wide and has over 1,000 apartments, green space, and an underground parking garage.
Mitchell-Lama basics
These apartments are inexpensive because the Mitchell-Lama program subsidizes rentals and co-ops for low to moderate-income families. The waitlists for these buildings often only open up once every few years. Waitlist lotteries are posted on the Mitchell-Lama Connect website.
In Mitchell-Lama co-ops, if owners want to sell, they can’t sell it for market rate. They can usually only sell it back to the co-op for their purchase price. This keeps these homes affordable allowing the next person on the waitlist to buy at a low rate.
To learn more about the programs, check out a recent feature where we explained everything you need to know about Mitchell-Lama apartments.
How to apply
You can apply to this lottery online on the Mitchell-Lama Connect website or by mail. The address to apply by mail is in the photo below. Applicants are only allowed to apply once. If you send a duplicate application (as in one by mail and one online), you will be disqualified from the lottery.
What happens after the lottery closes
The lottery will close on September 25 at 11:59 p.m. Winners will be notified either online through their Mitchell-Lama account or by mail. If you are selected for the lottery, the co-op will then reach out to you for more information or send you an application. After applying, you will have to wait until it is your turn to purchase, as the co-op usually goes down the waitlist according to the number drawn. Preference will be given to documented veterans who are New York State residents.
Purchases are income restrictive, meaning if you get the opportunity to buy, your income must fall within a specific range. But there are no restrictions on income once a person purchases and moves in.
The income limits for studios are between $24,440 and $174,750. The income limits for the one bedroom apartments are between $31,520 and $174,750.
