What exactly is Mitchell Lama?

[configdotsys]

I have seen Mitchell Lama mentioned regarding some apartment buildings for years but have no idea what that means.

I imagine it's some type of government program that pays a portion of the tenant's rent? Or is it some type of controlled rent situation?

Any help would be appreciated. I've always been curious about this and figured this would be a good place to ask about it.

[HAJ77]

Here's a link from HousingNYC.com, should answer most of your questions and raise a few more too.

Mitchell-Lama