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Preservation efforts for Mitchell-Lama cooperatives and challenges in maintaining affordability

1:55:03

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4 min

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      Council Member Farías inquires about HPD's efforts to preserve Mitchell-Lama cooperatives and address challenges in maintaining affordability. HPD officials explain their strategies and the complexities involved in managing these properties.

      • HPD uses Section 8 vouchers and other programs to stabilize Mitchell-Lama developments
      • The department has spent around $760 million since 2014 on stabilizing Mitchell-Lama stock
      • Challenges include rising maintenance costs and the need for collaboration between city and state agencies
      • Council Member Farías emphasizes the need for better oversight and coordination between city and state to protect homeowners in these developments