May 15, 2017 Comments Off on Three Buildings Stay in Mitchell Lama Views: 473 New York News, Uptown/Bronx New York

Three Buildings Stay in Mitchell Lama

Developers have finished a $15.3 million rehabilitation of 613 apartments at three Mitchell-Lama buildings  in the Belmont neighborhood of the Bronx.

“Preserving the remaining stock of Mitchell-Lama housing is an important component of the housing plan, and this investment is paying off at developments like Keith Plaza and Kelly Towers,” said Maria Torres-Springer, commissioner of the City’s Department of Housing Preservation and Development.

Both properties were built in 1975 under the Mitchell Lama Housing Program, which restricted the rents to what moderate income people earning up to 125% of the area median income could afford. In recent years, dozens of old Mitchell-Lama buildings have left the program and raised rents.

Developers Hudson Valley Property Group and Phoenix Reality Group partnered with city officials to upgrade the properties and keep them affordable.

Read More at HDC

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