Mitchell-Lama boards need daily support from a property management team with experience caring for their unique community. FirstService Residential’s dedicated Mitchell-Lama Division offers you the best of both worlds – decades of specialized experience managing Mitchell-Lamas across New York City and access to cost-saving solutions that support your bottom line.
Expert guidance for financial successOur accounting and financial professionals are proficient in the financial reporting requirements for income-restricted and Mitchell-Lama communities. We generate financial and income affidavit reports for submission to HPD and HCR through our proprietary management software, and administer each occupant’s annual affidavit of household income.
We administer exemptions for eligible shareholders through the following programs:
- Senior Citizen Rent Increase Exemption Program (SCRIE)
- Disability Rent Increase Exemption (DRIE)
- Capital Grant Low-Rent Assistance Program (Exclusive HCR program)
Our in-house financial experts are equipped to handle the most complex financial needs:
- Obtain low-interest financing through the Article 8A Loan Program to correct violations or make other repairs
- Secure numerous property tax exemptions and abatements by filing applications to facilitate capital improvements
- Secure capital budget funds that are available to the affordable housing community
We cultivate strong client relationships by investing in our property managers and financial managers who:
- Work with your board to develop operating and long-term capital budgets
- Provide comprehensive monthly reports with forecasts of future cash flow
- Track expenses and explain variances against budget
- Prepare required documentation, including audit preparation
- Plan capital improvement financial models
- Employ an online system to receive, review, approve, and pay invoices
- Electronically track and process building staff payroll
- Prepare your board for changing market and financial conditions
Resale and waitlist specialistsOur resale specialists can help eliminate financial losses by proactively monitoring every phase of the process while ensuring compliance with all HPD and HCR rules. Our team has extensive experience conducting audits, processing and tracking each occupant’s annual affidavit of household income, and calculating equity for new and retiring shareholders—all with the goal of expeditiously offering vacant apartments. When adjusted household income exceeds the maximum limit, our team ensures the proper surcharges are added to each shareholder’s monthly rent/carrying charge.
Our decades of experience have made us well-versed in the rules governing waitlists including periodically opening lists to accept new applications using a lottery system. In addition to following all statutory and programmatic requirements, we will work with your board to review your community’s shareholder selection criteria covering income limits, credit worthiness, good housekeeping, and more.
We can also assist your board in establishing move-in/out procedures and guidelines, alteration policies, and other agreements that can positively impact resales.
Mitigating risk and ensuring complianceFailure to comply with laws and regulations can create significant problems and added expenses for your community. Our dedicated Compliance Department proactively resolves complaints and violations, coordinates permit and licensure renewals, and tracks the status of mandated inspections on a daily basis. To help our property managers stay on top of filing and inspection deadlines, they are also supported by an automated alert system that tracks building compliance in real time.
Minimizing the risk posed by contractors performing work at your property has never been more important. We are extremely selective in choosing only the highest quality vendors to serve our managed properties — those that share our commitment to integrity, cost-efficiency, and exceptional service.
To protect you from unexpected loss and potential legal exposure, we utilize an independent credentialing firm to manage our vendor certification process to ensure only properly licensed and insured service providers perform work at your property.
Empowering Managers & Staff Through Training & EducationTo ensure compliance with HPD and HCR requirements, every member of our Mitchell-Lama management team receives Registered in Apartment Management (RAM) training. RAM is the leading recognized professional certification and comprehensive education program for apartment managers through the National Associated Builders and Owners (NABO) organization.
We are proud to be among a select group of full-service management companies recognized as an Accredited Management Organization (AMO®) by the Institute of Real Estate Management (IREM®). This prestigious distinction is held by only a handful of New York City management companies. As an AMO firm, we adhere to a rigorous Code of Professional Ethics and are required to maintain professional liability and fidelity bonding insurance to ensure that an owner’s investment is protected.
Transitioning to FirstService Residential: Handled seamlessly by our dedicated teamTo ensure accountability and responsive communication, our dedicated management transitions team expertly oversees every detail to ensure a thorough, professional transition. This support enables your property manager to focus their full attention on managing your property from the start.
During the transition process, we fully integrate your building records into our “heart of the house” support departments and make recommendations where we believe improvements can be made. Our findings often include underperforming rates of return on investments, open action items from past board meetings, non-compliance with local laws, or inadequate insurance policy limits.
Learn more about our management transition process here.
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