QUESTION
How is the administration addressing housing needs for low-income and vulnerable New Yorkers?
0:41:22
·
4 min
Ahmed Tigan explains that the administration uses programs like the Sara and Ella term sheets to address housing needs for low-income and vulnerable populations, including seniors, and is considering increasing support through federal resources and legislative efforts.
- The Sara program focuses 100% on project-based vouchers for seniors, providing flexibility to reach vulnerable seniors, including homeless ones.
- The Ella term sheet targets extra low and low-income families, with the possibility of serving moderate to middle-income households as well.
- Tigan mentions the potential of utilizing federal low-income tax credits and more vouchers to create additional units for low-income households.
- The administration is also addressing construction cost challenges and regulatory burdens to produce more affordable housing efficiently.
- Discussions are ongoing about optimizing term sheets and legislative actions to better meet the housing needs of vulnerable New Yorkers.
Alexa Avilés
0:41:22
I'd like to just make sure I understand following the previous line of questioning around the term sheets and the lowest income New Yorkers.
0:41:32
Particularly the $25,000 income band, which is what I see a lot in my district, particularly seniors.
0:41:41
With no options for them.
0:41:43
Did you just say that 30% is what you're requiring in the term sheets for this income band?
Ahmed Tigan
0:41:51
No.
0:41:52
I so our term sheets and each of our new construction term sheets have specific parameters, but For instance, in our for seniors in particular, we have a senior housing new construction term sheet called the Sara program.
0:42:07
Mhmm.
0:42:07
And that program, we actually do a 100% project based voucher, which allows us to have a lot of flexibility to reach the the most vulnerable seniors, and those vouchers go and allow us to not only use the project based vouchers for applicants through housing connect, who have very tight and low incomes, but we also have a sense side for senior homeless seniors, so we're able to make a pathway as well.
0:42:38
Our Ella term sheet, which is for extra low and low income, households has specific parameters.
0:42:45
Again, focuses on low and extra low.
0:42:49
Families.
0:42:50
It does have the opportunity to service moderate and middle income families.
0:42:55
We are very focused on making sure that we are hitting all the incumbents we need since we see housing need at that level as well for working families in New York.
Lincoln Restler
0:43:05
So So
Ahmed Tigan
0:43:05
our term sheets each have specific parameters, all of which are really focused at trying to get to extra loan, low income households.
Pierina Ana Sanchez
0:43:14
Do you
Alexa Avilés
0:43:15
think those will there be an opportunity to increase the thresholds for those parameters?
0:43:22
Because what we're seeing is while they exist in the projects, we are barely scratching at the need.
0:43:29
And and the survey absolutely shows that that the problem is increasing.
0:43:35
So is the administration looking at increasing the percentage targets for this particularly vulnerable population?
Ahmed Tigan
0:43:44
I think there are three pieces I just want to touch on.
0:43:48
So one, in reference to the tool to be used the most for extra low and low income households, which are low income tax credits from the federal government, even the change that they would deck could be made at congress right now and actually allow us to create another 44100 units using a resource that would target the lowest income households.
0:44:12
Separately, more vouchers from the federal government will allow us to be able to do more project based and more tenant based referrals.
0:44:22
So those are 2 resources that we sync up and try to use alongside the capital.
0:44:27
We are also looking at the constraints of developing housing right now.
0:44:31
We've talked to the council about this before, a mixture of, you know, insurance rates.
0:44:36
Interest rates, legal and soft costs, hard costs in construction, supply and labor.
0:44:44
Have contributed to higher costs in construction.
0:44:47
Right now, we are working closely with development partners to think about how our term sheets can be better geared to creating efficient successful projects.
0:44:55
And in that, we are having serious discussions about how we can use this data to talk about where we are targeting.
0:45:01
So it's absolutely front of mind for us, and we are toggling a number of different things plus looking at how these mixture of resource can help, but I would say that part of it also is reducing some of the regulatory and Zoning burdens that add to costs in producing housing, which is why we had the legislative agenda that we've talked about before, both at the local level with City of Yass.
0:45:27
And in the state agenda.
0:45:29
And, of course, having that as of right tax benefit will allow us to use a variety of different tools, not only subsidized housing, but also as of right housing that produces affordable housing in our city to get to that single.
Alexa Avilés
0:45:45
Appreciate the very robust answer.
0:45:48
It sounds like you're thinking about it.
Ahmed Tigan
0:45:51
Just a little bit.
0:45:52
Okay.
0:45:53
Thank you.
Alexa Avilés
0:45:56
Yeah, slippery slope.
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What steps is the administration taking to protect tenants and ensure balanced representation on the Rent Guidelines Board?