Mitchell-Lama Repair Loan Program

The Mitchell-Lama Repair Loan Program is an effort to preserve Mitchell-Lama housing by offering a loan to project-owners to make needed capital improvements in exchange for longer periods of affordability. Capital repairs must be approved by the New York City Housing Development Corporation (HDC) prior to construction, and loans are made at a six-percent fixed-interest rate. Loan amounts range from a minimum of $100,000 to a maximum of $10,000,000, with a maximum maturity of 18 years.

Program Information

• Scale: Very Large Scale (over 10,000 units)
• Timeframe: 2004 - Present
• Occupancy Tenure: Rental, Homeownership
• Construction Type: Rehabilitation
• Building Type: Multi-family
• Developer/Owners: Non-profit, For-profit
• Geographic Restrictions: Mitchell-Lama Buildings
• Income: Moderate-income, Middle-income

More Resources

Parent Program: Mitchell-Lama