How long does it take to hear back from NYC housing Connect?
between two and 10 months
It can take between two and 10 months for applicants to find out whether they’ve qualified. The lower your log number, the more likely you are to hear back from a specific lottery.
How long does Mitchell-Lama take?
Once you’re on the Mitchell-Lama waiting list. Once on a waiting list, be prepared to wait a long time. Typically, it takes anywhere from a couple of years, up to 15 years before an apartment becomes available.
How much do Mitchell-Lama apartments cost?
Price: The purchase price of a Mitchell Lama co-op–known as the ‘equity value purchase price’–has no relationship to actual market value. It frequently ranges from $4,000 to $35,000.
What is the minimum income for Mitchell-Lama?
Income Limits
| Household Size | 2021 Income Limits | |
|---|---|---|
| 1 | $66,880 | $104,500 |
| 2 | $76,400 | $119,375 |
| 3 | $85,920 | $134,250 |
| 4 | $95,440 | $149,125 |
What is the minimum credit score for an apartment?
620 to 650
Generally, you’ll want a minimum credit score to rent an apartment of 620 to 650. Landlords or property management companies want reassurance that you can pay your rent on time and you’re responsible, and a solid credit history and excellent credit score are two ways to show this.
Can you sell a Mitchell-Lama apartment?
“People who purchased an apartment in such co-ops paid very low prices. When a Mitchell-Lama shareholder leaves the co-op and “sells” his/her shares, they are only entitled to the amount they paid, plus any capital assessments, plus (depending on the policy of the particular cooperative) any mortgage amortization.
Is co-op City a Mitchell-Lama?
Co-op City is a New York City Mitchell-Lama cooperative located in the Northeast Bronx. With 15,372 apartments in 35 high-rise buildings and 7 townhouse clusters, Co-op City has approximately 50,000 residents. Co-op City is across the street from Bay Plaza Shopping Center, which has a new indoor mall.
Is Co-Op City Mitchell-Lama?
Co-op City is a New York State Mitchell-Lama housing cooperative in the northeast Bronx with 15,372 residential units in 35 high-rise buildings and seven (7) townhouse clusters consisting of garden and duplex apartments. Life in Co-op City revolves around cooperative living.
Is Mitchell-Lama rent stabilized?
Upon dissolution, Mitchell-Lama leases are replaced by Rent Stabilization leases which provide for the same rent and expiration date as the Mitchell-Lama lease.