QUESTION
What is the current status of the Unlocking Doors program and its impact on vacant unit rehabilitation?
1:22:30
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103 sec
The Unlocking Doors program is still in its pilot phase with only one application received, indicating limited immediate impact on vacant unit rehabilitation.
- The program aims to encourage owners of vacant units to rehabilitate these units and reintroduce them into the rental market.
- Only one application has been submitted to the program so far, reflecting a low uptake by property owners.
- Additional initiatives like the Landlord Ambassador program and emergency housing voucher program's repair facilitation have also been used to improve living conditions and bring more units online.
- The NYC Department of Housing Preservation and Development (HPD) continues to explore diverse strategies beyond the Unlocking Doors program to increase the number of available rental units.
- The effectiveness and impact of the Unlocking Doors program remain to be seen, as efforts to engage the owner industry and observe outcomes are ongoing.
Pierina Ana Sanchez
1:22:30
So turning back to how we get more of these units online that are offline.
1:22:34
So last year, the unlocking doors program was announced as a way to encourage owners of vacant units to rehab their units and return them to the rental market.
1:22:42
Can you provide an update of this program?
1:22:44
How many applications were submitted?
1:22:46
Have been submitted?
1:22:48
What is the status have any been approved or denied and if any approved has any applicant completed the rehabilitation work required.
Ahmed Tigan
1:22:56
So the pilot is still ongoing.
1:22:59
We have not seen a high number of update.
1:23:02
We've only had one application at this point, we've this is not the only pilot that we've done in the past to look at how we can work with landlords to make improvements in apartments.
1:23:13
We've had the landlord ambassador program.
1:23:16
We did a pilot.
1:23:18
We had CBOs during the emergency housing voucher program where we looked at making repairs to allow for easier HQS inspection approvals.
1:23:28
So each pilot comes with its own circumstances for us to figure out and work.
1:23:35
We knew that this is something that would take time for a, the the the owner industry to absorb, ask questions, and we'll see toward, you know, as we continue to go through, we'll see what the uptake is and what the program will ultimately yield in terms of instruction for this approach.
1:23:54
But again, as as the as the doctor suggested, we are seeing that more of these units have come online through other mechanisms, through other ways that you repair units.
1:24:05
But we will continue to think about different ways in addition to our preservation term sheets to bring more units online.
Pierina Ana Sanchez
1:24:12
Got it.
1:24:12
Thank you.