Cooperatives & Condominiums
A NY State limited-equity affordable housing program providing income-restricted cooperatives and rentals.
Mitchell-Lama is a NY State affordable housing program enacted in 1955 (Limited-Profit Housing Companies Law). It funded the development of moderate-income housing in cooperative and rental form, with income limits restricting who can buy or rent and limited-equity formulas restricting resale prices. Many Mitchell-Lama buildings have 'bought out' of the program over time and converted to market-rate ownership. Mitchell-Lama cooperatives have strict succession rules, sublet prohibitions, and waitlists for available units. The program is managed by the NY State Division of Housing and Community Renewal (DHCR) for state-financed projects and by HPD for city-financed projects.
Exam Tip
Limited-equity = capped resale profit. Income-restricted. Many have bought out into market-rate. Managed by DHCR or HPD.
Full definition locked
Unlock all 100+ glossary definitions, study modules, practice exams, and Carl — your AI tutor.
Start free →One-time $49 · No subscription
Study Guide
Co-ops & Condos
Key concepts and exam tips →
Practice
NY Real Estate Co-ops and Condos
Free sample questions →
Preparing for the NY Real Estate Exam?
Unlocked covers Mitchell-Lama and every other concept on the NY Real Estate Salesperson Exam — with study modules, practice questions, spaced-repetition flashcards, and Carl, your AI tutor.
click for a haiku!