Our suggestion is to prepare ahead of time for the purchase so that you are ready when called. Some developments do allow you to take a year off the list to get your finances in order so you can purchase - and then call you again after that year.Check with them ahead of time about the requirements for a loan here: UHAB Homeownership Lending. There is a lending program at the Urban Homesteading Assistance Board (UHAB) specially created to lend to ML and other limited equity apartments. Most banks do not give mortgages for purchase of a Mitchell-Lama so check with credit unions or other lending options way ahead of time. If you need to borrow money to come up with the cash, definitely work on this ahead of time.The program was sponsored by New York State Senator MacNeil Mitchell and Assemblyman Alfred Lama, and was signed into law in 1955. Usually you will be given a rough estimate if you ask. Some buildings have a very long wait, and with others you might get called in a few years. You just have to contact the building management directly and file an application, and a small fee. If your rating is lower - try to work on it ahead of time. The Mitchell-Lama program provides affordable rental and cooperative housing to moderate- and middle-income families. Some buildings keep their wait lists open on a continual basis. Many developments require a fairly high rating (640 or more) to be considered for an apartment. Often, when a development has an opening, they will notify the first 10 or 20 people on the list - some of whom have had changes in circumstances and will not be interested anymore. Keep an eye on your spot on the waiting list, especially when you get below # 30 or 40.
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