TESTIMONY
Ambur Nicosia, Board President at Penn South, on the Importance of the J51 Program for Preserving Affordable Housing at Penn South Cooperative
2:01:40
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130 sec
Ambur Nicosia, the Board President of Penn South cooperative, emphasizes the significance of the J51 program in maintaining affordability at their housing community, which is the largest affordable limited equity housing cooperative in New York City with 15 buildings and around 5,000 residents.
- She explains that the J51 program assists in financing vital repairs like lead paint abatement, asbestos removal, and roof replacements, essential for resident health and safety.
- Nicosia highlights that the J51 program has been successful in preserving multifamily housing at a low cost to the city by utilizing private sector work.
- However, she notes that the loss of J51 support and additional financial pressures from COVID-19, local laws, increased insurance and utility costs have severely impacted Penn South's economic well-being.
- She appeals to the City Council to support the affordable housing rehabilitation program to help preserve affordability at Penn South and similar cooperative communities.
Ambur Nicosia
2:01:40
Good morning.
2:01:41
Or I should say good afternoon, chair Sanchez.
2:01:45
My name is Amber Nicosia.
2:01:46
I'm honored to be the board president at Penn South.
2:01:50
We have 15 buildings and roughly 5000 New York workers as residents.
2:01:56
We are the largest affordable limited equity housing community left in New York City.
2:02:03
We are regulated by HPD, and we are very proud of our affordable status, particularly at this time when the city is seeing a housing crisis.
2:02:14
One of the ways that we're able to remain affordable is through programs like the J Fifty 1.
2:02:20
This program is vital to Penn South and all of our SIS or coop communities, and I urge the council to vote in support of the affordable housing rehabilitation program.
2:02:32
The purpose of J51 is to assist owners of aging buildings in desperate need of preapproved repairs.
2:02:39
Such as lead paint, abatement, asbestos removal, and roof replacement.
2:02:44
These are vital to the health and safety of our residents.
2:02:47
In this way, J51 has been a major success in preserving multifamily housing.
2:02:53
And at a small cost to the city, since the work is performed by the private sector.
2:03:00
Built in 1962, Pencil's aging infrastructure requires constant capital improvements to comply with local laws and maintain our property.
2:03:09
Losing J 51 has been a severe blow to our economic well-being.
2:03:13
In 2017, HPD promised us that underground utilities and sub marine programs would be in the new J51 Extension.
2:03:25
And here we are halfway through these projects in these are multimillion dollar projects for which we've budgeted to have the abatement available to us.
2:03:37
This year, we've been forced to raise maintenance due to COVID, local laws, and extreme cost of insurance and utilities.
2:03:45
Please help us maintain affordable housing through this program.