QUESTION
What is the proposed capital budget for Housing Preservation and Development (HPD) for fiscal year 2025, and how much is allocated for affordable housing?
3:12:36
·
3 min
The proposed capital budget for Housing Preservation and Development (HPD) in fiscal year 2025 is $2,122,000,000, but the allocation for affordable housing remains unspecified.
- Council Member Chi Ossé inquires about HPD's capital budget for fiscal year 2025, particularly regarding affordable housing funding.
- Budget Director Jacques Jiha confirms the total proposed capital budget but cannot provide an immediate breakdown for affordable housing.
- The discussion highlights New York City's housing shortage and questions if the budget reflects the administration's prioritization of addressing this issue.
- Jiha mentions ongoing challenges, including debt capacity issues and the impact of COVID-19 on capital program timelines.
- The inability to give a funding breakdown for affordable housing underscores broader concerns about fiscal limitations and priorities.
Chi Ossé
3:12:36
Wanted to start just to ask some questions around HPD's capital budget.
3:12:41
What is HPD's proposed capital budget for fiscal year 2025?
Jacques Jiha
3:12:46
I believe it's 2025 is maybe.
3:12:54
20, 27, if I have this in front of me.
3:12:57
Uh-huh.
3:13:08
2025.
3:13:10
I don't have it here.
3:13:12
I don't have a key in front of me, but I would give it back to you in a moment.
3:13:16
Yeah?
3:13:18
About 12,000,000?
3:13:19
$2,122,000,000.
Chi Ossé
3:13:23
Can you say that one more time?
3:13:24
$2,122,000,000.
3:13:26
$2,122,000,000 And do you know the breakdown in terms of how much of of that funding is going towards building affordable housing in New York City?
Jacques Jiha
3:13:36
I would have to provide you a breakdown of all this info.
3:13:39
Okay?
Rita Joseph
3:13:39
That
Chi Ossé
3:13:39
would be great.
3:13:40
But Okay.
3:13:40
2 $100,000,000 out of our over 100.
Jacques Jiha
3:13:43
This is the city portion.
Chi Ossé
3:13:44
Yes, out of our over $100,000,000,000 budget.
3:13:47
Earlier in your testimony, you stated that there is a housing shortage in New York City.
3:13:51
Do you think that amount shows how the admin is prioritizing that housing shortage, especially when it comes towards building affordable housing within New York City.
Jacques Jiha
3:14:03
Housing is a part of this administration.
3:14:05
To be honest with you, we have over like $20,000,000,000 in the next 10 years.
3:14:10
The challenge that we have, as I stated earlier, is debt capacity issue.
3:14:15
Mhmm.
3:14:16
Okay.
3:14:16
We have about $10,000,000,000 left in debt capacity.
3:14:20
And schools, WorldAsia, BigQuery.
3:14:25
These three projects, we are above that amount.
3:14:28
That's the reason why we are lobbying Albany, and the governor included $12,000,000,000 in our budget, okay, for debt capacity expansion for the TSA.
3:14:38
But even if you add that $12,000,000,000, it's not going to be close to what we need.
3:14:43
We need here in New York City in terms of our infrastructure needs, housing needs.
3:14:48
I mean, you name it.
3:14:50
Okay.
3:14:50
The debt capacity issues will.
3:14:52
Okay.
3:14:53
And I don't know, I mean, in terms of I forget said.
3:14:56
The fact that we have funding allocated for the Board this year and the timeline that we know is not real.
3:15:04
Okay, because you put the capital program on a pause as is of COVID for a and a half, and the timeline was created before COVID.
3:15:13
So we know we're not gonna spend those resources by 2027.
3:15:17
But yet, sure, we have to keep those resources in the timeline that was created by the COVID.
3:15:24
So thereby, we have no womb left.
3:15:26
So it's not a question of priority.
3:15:29
Okay?
3:15:29
Other question I wanted to put more money?
3:15:31
We want to put more money.
Chi Ossé
3:15:32
Sure.
3:15:32
So so $2,21,000,000 allocated in the capital budget for for HPD.
3:15:38
We don't know what the breakdown is going towards affordable housing.
3:15:41
You know, I speak about this often and I know that, you know, housing is a number one priority for This council, the administration, and and many New Yorkers who who probably speak to the mayor about what their issues are.