Adam Leitman Bailey, P.C. Obtains $830,000 in Capital Grant Money for Mitchell-Lama Co-op
Adam Leitman Bailey, P.C. serves as general counsel to many condos and co-ops throughout the city, including Mitchell-Lama co-ops. The Mitchell-Lama program provides affordable rental and cooperative housing to moderate and middle-income families.
Our co-op client had been interested in adding additional green space throughout the complex, including an outdoor garden area, outdoor fitness equipment, a gazebo area, benches, and checkers and chess tables. The problem was coming up with the funds needed to implement the project.
Jumping into action, Adam Leitman Bailey, P.C. explored available “free” funding options for the co-op, including capital grants from the Borough Commissioner’s office and City Council’s office. The applications for each respective office are arduous and required hours and hours of preparation and strategy to make the project stand out in a sea of other applicants. Adam Leitman Bailey, P.C. even invited the governmental representatives to visit the building and attend a town hall meeting (see image).
In the early spring of 2024, Adam Leitman Bailey, P.C. learned its client’s project had been chosen for funding by not just one office, but two, for a total of $830,000, which is enough to cover the projected costs of the green space project plus a cushion.Adam Leitman Bailey, P.C. will now guide the client through the next phases of the project, including contractor bidding, selection, and contract drafting and negotiation.
Adam Leitman Bailey and Rachel Sigmund McGinley represented the co-op in this matter.