• Agency: NYC Housing Development Corporation (NYC HDC)
• Status: Currently Available

The Mitchell-Lama Reinvestment Program (MLRP), formerly the Mitchell-Lama Mortgage Restructuring Program, offers some Mitchell-Lama owners the opportunity to refinance their existing first and second mortgages from the New York City Housing Development Corporation (HDC) to keep their housing units affordable for a longer period of time, and ultimately maintain Mitchell-Lama units that may otherwise choose to leave the program and become market-rate housing. The mortgages are refinanced at a lower cost to the owner and savings can be taken in the form of further reduction of payment, or applied to repair the property. Owners that receive refinancing must remain in the Mitchell-Lama program for an additional 15 years. Eligible projects must be a City-supervised Mitchell-Lama owner, limited partnership, or a cooperative board. State-supervised Mitchell-Lama developments may be considered on a case by case basis. The Mitchell-Lama Mortgage Reinvestment Program does not cause rent increases due to increases in debt service.