Mitchell-Lama Housing

affordable housing, housing lotteries, lincoln square, Upper West Side 

The Lincoln-Amsterdam House is a 25-story co-op building that stretches from West 64th to 65th Streets along the eastern side of West End Avenue, just one block away from Lincoln Center. It’s a Mitchell-Lama development, which, as 6sqft previously explained, is a program “created in 1955 to provide affordable rental and cooperative housing to moderate- and middle-income families.” As of today, the 100-name waitlist is open for four-bedroom units in the building to households with a minimum of six persons earning between $33,440 and $149,531 annually. The co-ops will sell from $102,814 to $109,545.

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NYC affordable housing

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Affordable housing is one of the hottest topics in the real estate market these days. It all started with Mayor de Blasio’s plan to preserve or build 200,000 affordable units over the next ten years, which has resulted in a slew of new lotteries for below-market rate apartments, putting his goal ahead of schedule. And let’s not forget the expiration of the controversial 421-a tax abatement, which provides incentives to developers when they reserve at least 20 percent of a building’s units for low- and moderate-income tenants. But despite the buzz-worthy roll affordable housing has been on, many are still left wondering what exactly it is.

Everything you need to know about affordable housing

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100 West 92nd Street, Trinity House, Mitchell Lama buildings, Upper West Side affordable housing

Trinity House is a 199-unit rental building at 100 West 92nd Street on the Upper West Side, just a block away from Central Park. It was built in 1968 by the Trinity School, which occupies the first three floors, as a Mitchell-Lama development. As 6sqft previously explained, this affordable housing program “was created in 1955 to provide affordable rental and cooperative housing to moderate- and middle-income families. These buildings are privately owned, but are under contract with New York state to keep prices affordable. Owners of these buildings receive tax abatements and low-interest mortgages.”

Back in 2013, Trinity House made headlines when the school received approvals from the city for a rent hike of up to 13 percent, more than three times the standard increase for rent-stabilized units that year. However, units have still remained affordable, and a 750-name waitlist has just opened for studio apartments that range from $432 to $503 a month for one- and two-person households earning between $17,263 and $90,625 a year.

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