Looking For A Mortgage To Buy A Roosevelt Island Apartment? – Island House Residents Listen To Amalgamated Bank Mortgage Presentation Last Night

Image of Island House Entrance Roosevelt Island’s Island House rental building exited the Mitchell Lama program in September 2012. As reported October 20, 2012 by former Roosevelt Island Operating Corp ( RIOC ) Acting President and current General Counsel Don Lewis:

… We are very pleased to note that, as result of several years of negotiations, Island House, a 400-unit affordable housing development on Roosevelt Island, will continue to remain affordable to its residents for the next 30 years. The Island House deal is historic in nature and marks the first successful conversion of a State Mitchell-Lama rental to affordable home ownership as a solution to a market-rate exit from Mitchell-Lama. Without the States intervention in extending affordability, apartments within Island House, a development at the threshold of leaving the Mitchell-Lama program, would have been allowed to be rented at market rates, severely affecting residents.

Under the Island House Affordability Plan, Island House, constructed in 1975 as one of the first four modern housing developments on Roosevelt Island, will exit the Mitchell-Lama program. The Affordability Plan, however, protects all current tenants by allowing them to remain in their apartments with future rent increases calculated in a manner similar to rent stabilized apartments. Rent protection will remain in effect for 30 years. The owner of Island House will apply to convert the building to Co-Op ownership. If the conversion is approved, current tenants will be offered the option to purchase their apartments at below market prices.

The Affordability Plan was initially drafted and agreed upon by the Island House owner and tenants. The Plan was later approved by a multi-agency working group that included: RIOC, which administers operations on Roosevelt Island; New York State Homes and Community Renewal (HCR), the States housing agency, which administers both the Mitchell-Lama program and the States rent laws; and Empire State Development (ESD), which in 1969, as the Urban Development Corporation, first leased the land under Island House from the City of New York. The Affordability Plan was the result of several years of negotiations among the agencies, the Island House Tenants Association, and owners representatives….

Island House is currently in the process of converting to a Condop (Co-op for residential units and condo for commercial units) under a non-eviction Affordability Plan. Last night, January 22, Island House residents interested in purchasing their Roosevelt Island apartment listened to a mortgage presentation by Amalgamated Bank Vice President Eric Ruskiewicz. Here’s what happened. Part 1. Discussion of

Part 2. Discussion of:

Part 3. Discussion of:

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Part 5. Discussion of:

More information on the Island House exit from Mitchell Lama program and Affordability Plan at this June 2012 post. Also additional information on mortgages for Roosevelt Island apartments available at prior Amalgamated Band presentation.