Chair Sanchez on Mitchell-Lama program exits and loan balloons
Sanchez asks how many Mitchell-Lamas have been lost from the program. Phillips says 65 city-supervised developments have exited. Sanchez confirms that's when the loan balloon comes due—when a Mitchell-Lama wants to exit the program.
And just another question, just piggybacking off Councilmember Dinowitz and the ballooning loans.
You know, yes, they are technically loans, but they are actually kind of grants so long as you stay in the program.
And so my last question is about who has stayed in the program.
So 269 Michilamas have been developed since 1955 statewide.
Can you tell us how much we have lost, how many we have lost?
60?
Yeah.
City super loans?
Okay, 65 city super loans.
We've lost 65.
So these are folks, Councilmember Dinowitz, to your point, that pay back their loans, right?
And that's the way that you exit the program, is that correct?
Yeah.
So that's when the loan comes due is when a Michilama wants to exit the program.
Got it.
Great.