![]() The cooperative is not broke but does not have sufficient funds to pay for all necessary repairs which were estimated at between $9-$15 million (including about $5 million in now funded garage repairs) in 2020. ('Kent') and supervised by respondent New York City Department of Housing Preservation and Development ('HPD'). ![]() Whether or not to remain in the Mitchell-lama program has been a divisive issue among shareholders for decades. Petitioners are residents of Brooklyns Roberto Clemente Plaza, a 532-unit Mitchell-Lama rental housing development managed by respondent Kent Village Housing Company, Inc. A few months ago shareholders voted in favor of a capital assessment that will be levied over the course of one year to fully fund approximately $5 million in garage repairs. The Mitchell-Lama Program provides housing across New York State that is affordable to the middle class. The garage was vacated because of deteriorated concrete and rebar in September 2021. It was planned as a northern anchor to the redevelopment of downtown Brooklyn and the city government furnished it with tax relief subsidies and a lowcost mortgage under the MitchellLama. Presumably, this is because they know a household’s size and income will likely shift by the time they are offered an apt. The difference would have been used to fund repairs. Mitchell-Lama, because it’s slow, only has a short application at first. The current mortgage obligations of 140 Cadman total about $6million. In May of 2021 shareholders of 140 Cadman Plaza West voted (93 in favor, 100 against) against accepting a roughly $20 million loan at about 3.25% annual interest from HPD/HDC that would have required the building to remain a Mitchell-Lama for 30 years. Any residents of 100 Remsen or 111 Hicks willing to share details of their buildings financials?
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