Q&A
Discussion on HPD's new construction and preservation pipeline timelines
0:52:00
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87 sec
Council Member Hudson inquires about the average time for HPD's new construction and preservation pipelines from proposal to closing. Commissioner Carrión explains that project timelines can vary significantly, ranging from 1 to over 5 years, depending on various factors.
- Factors affecting timelines include site conditions, rezoning requirements, use of low-income housing tax credits, and supportive housing elements
- The review process and the complexity of deals can also impact timelines
- Preservation deals are noted to be particularly complicated and were impacted by COVID-19
Crystal Hudson
0:52:00
How long has HPD's new construction pipeline as an average time from proposal to closing or start to finish?
0:52:07
And how long is the preservation pipeline using the same measure?
0:52:10
So
Adolfo Carrión Jr.
0:52:13
you know, these are startling numbers and statistics that you've heard and we all read about and talk about online, offline, It's a constant churn for us because there's anxiety about trying to get to solve the problem.
0:52:32
With the limited resources that we have and the different factors that factor into production timelines.
0:52:43
A project can go from anywhere to being delivered in 1 year.
0:52:48
To being delivered in excess of 5 years and sometimes significantly more.
0:52:55
And, you know, the factors that go into that are the conditions of the site.
0:53:02
Is it part of a rezoning?
0:53:04
Is it is is is is there a use of low income housing tax credits in the deal?
0:53:12
Is it supportive housing?
0:53:15
Are there multiple partners?
0:53:17
Does the development team get through a review process?
0:53:21
That is pretty
Gale A. Brewer
0:53:22
Right.
Adolfo Carrión Jr.
0:53:22
You know, rigorous quickly.
0:53:24
So it it it really can vary.