Mitchell-Lama Cooperatives: An Alternative To Privatizing
Law360, New York (September 13, 2016, 1:45 PM EDT) -- As of Aug. 15, 2016, there are 20 city-supervised Mitchell-Lama cooperatives that are eligible to voluntarily dissolve and become either a market-rate cooperative or a condominium. This article provides information regarding a meaningful alternative to privatization that may be helpful to shareholders of these 20 cooperatives. It's the Article II to Article XI conversion program — a program that is in line with the mission of the Mitchell-Lama law, and which also provides modest equity appreciation to existing shareholders and much needed middle income housing for future generations to come.
The Mitchell-Lama program is widely viewed as one of the most...
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