Out of Many, One New York Various Models of Co-op Living

 Most of the multifamily, residential buildings found in large cities are either  co-ops or condos, and most are run the way co-ops and condos across the country  are run. But if you dig a little deeper in here in New York City, you’ll find that there are a variety of multifamily housing models. Some of these  buildings are government-subsidized, some are are combinations of traditional  co-op and condo units, and most are limited equity to preserve lower-cost  housing stock. Nearly all of them have been developed to help residents find a  way into vested ownership that better fits their financial picture.  

 Different Models, Similar Goals

 These alternative buildings have different systems of organization and  management, and face unique challenges, though their purpose is essentially the  same. The three most common types are:  

 Mitchell-Lama buildings: Signed into law by New York State Senator MacNeil Mitchell, (R-Manhattan) and  Brooklyn Assemblyman Alfred Lama in 1955 as The Limited-Profit Housing  Companies Act, the Mitchell-Lama program provides affordable rental and  cooperative housing to moderate- and middle-income families. In New York City,  there are 97 city-sponsored moderate- and middle-income rental and  limited-equity cooperative developments, totaling over 44,500 units in all.  

 HDFC co-ops: Housing Development Fund Companies are limited equity co-ops, incorporated  under Article XI of the New York State Private Housing Finance Law, which  allows the city to sell buildings directly to tenant or community groups, thus  keeping the cost down. Many HDFCs were created through the co-op conversion of  a foreclosed, city-owned property. As of 2008, over 1,000 HDFC cooperatives  have been developed in the city.  

 TIL Buildings: One of the largest housing related contracts in the city is the Tenant Interim  Lease program (TIL), which assists organized tenant associations in city-owned  buildings to turning their buildings into co-ops where units sell for  approximately $250 a unit. Run by the Urban Homesteading Assistance Board  (UHAB), the TIL program has so far converted more than 1,700 buildings.  

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