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Mitchell-Lama Development: Rent Increase But No Buyout

Posted by maven on January 30, 2001 at 15:47:32:

This item appeared in the Metro Briefs section of The New York Times, Tuesday, January 30, 2001. The landlord will get a large rent increase, spead out over a four-year period, but will not be able to pay off its mortgage and leave the Mitchell-Lama program. Such a buyout would have resulted in even more significant rent increases for the tenants.


After a decade of legal wrangling, a management company has won the right to raise rents 23 percent over the next four years at Bedford Gardens, a housing complex in Williamsburg, in return for certain concessions. The City Department of Housing Preservation and Development, which oversees the complex with the federal government, said yesterday that it allowed the rent increase in exchange for the payment of city taxes and other obligations by the company, Kraus Management Inc. Kraus must also continue to run the 647-unit complex, opened in 1974, as a low- and moderate-income development for 20 more years.  

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