52-24 65th Place, Maspeth, NY 11378

Maspeth

housing, "affordable housing", Mitchell-Lama

First occupied in 1955, the four building 372 unit Ridgewood Gardens Co-op, which sits atop the Maspeth Plateau, was among the first Mitchell-Lama developments to be built in New York City.  The Ridgewood Gardens Co-op shareholders elected to withdraw from the Mitchell-Lama program in 1995.[1]  

Mitchell-Lama
Back in 1955, when the flight to the suburbs was going full blast and many city neighborhoods were deteriorating from lack of money and municipal attention, the Mitchell-Lama bill, named after State Sen. McNeil Mitchell and New York Assemblyman Alfred Lama, was signed into law.[2]  The purpose of the program was to encourage the building of moderate-income housing, to keep more middle-class families within the state's cities, and to help stabilize city neighborhoods. And the program worked -- scores of Mitchell-Lama buildings (some 270 developments with nearly 140,000 apartments) were constructed throughout the 1950s, '60s and '70s, and provided housing for lower- and middle-income families. The projects developed under this program received real estate tax breaks and low interest loans and mortgages in return for keeping rents and purchase and resale prices far below market value for a period of time. After this period the co-op corporation could opt out of the program.
  1. City of New York Office of the Comptroller.  2/18/94.  "Affordable No More: New York City's Looming Crisis in Mitchell-Lama and Limited Dividend Housing".  p. 28.
  2. The Cooperator.  July 2005.  "The Mitchell-Lama Buyout Process".

Newtown Creek Alliance

Power_plant

Contribute

Add1 Add a Marker
Create Create Your Own Map
Share Share This Map
Save Save This Map
Add2 Add to Your Site

Map Key ( 0 )

Marker Key ( 0 )

List of All Markers