NYC Affordable Living

In NYC, HDFC (Housing Development Fund Corporation) Co-op buildings are a type of affordable housing for families looking to buy an apartment. However, qualifying for an HDFC apartment is not easy, and while HDFC co-ops offer great value, they typically come with resale restrictions.

Explore everything there is to know about Mitchell-Lama Housing. Currently, about 45,000 apartments in New York City are subject to Mitchell-Lama regulation. Named after New York State Senator, MacNeil Mitchell, and Assemblyman Alfred Lama, Mitchell Lama is a housing program designed to create and maintain affordable housing for middle-income individuals in New York. The apartments under the Mitchell-Lama program includes cooperative apartments ("co-ops") and rentals.

“You’ve got to be in it to win it” is one of the New York State lottery’s more memorable advertising slogans. What this tagline doesn’t mention, of course, is you’ve got about a one in a zillion to one shot of winning. The odds aren’t quite as bad with the NYC Housing Lottery, however. Your chances of snagging a below-market-rate apartment are much better – not great, mind you – but at about 600 to 1, at least in the realm of possibility.

NYC has over one million apartments that are subject to some form of rent regulation, the majority of which are classified as rent stabilized apartments. While approximately 98% of these apartments are rent stabilized, less than 2% are subject to the oldest form of rent regulation and are known as rent controlled apartments.

The last step before you close on the sale of a home is to conduct a final walk-through. It’s the last chance you’ll get to take a look at the property before closing, and the contracts are signed. So, if there were any repairs or other requests you made of the buyer after the inspection was conducted, the final walk-through is the time to ensure they were completed.