QUESTION
What does Deputy Commissioner Darga expect regarding the geographic origins of applicants under the new program requirements?
1:19:13
·
51 sec
Deputy Commissioner Kim Darga indicates that past usage is likely a good indicator of future applicants' geographic origins.
- However, the new requirement that 50% of units be rent-stabilized and rents below 80% AMI may limit participation from buildings with higher stabilized rents.
- The slightly higher assessed value eligibility for co-ops and condos may allow some previously ineligible buildings to now participate.
- The changes in requirements could shift the geographic distribution of applicants compared to previous years.
Pierina Ana Sanchez
1:19:13
Do you do you anticipate any differences in where applicants will come from in terms of geography?
Kim Darga
1:19:20
I, you know, I think I have turned it on to my over my colleague.
1:19:26
I mean, I think we do expect that past usage is probably a decent indication of future.
1:19:31
That being said, now that the requirement is that 50% of the units need to be rent stabilized and that the rents need to be below 80% am I, that may limit participation of some buildings where the average rent stabilized rent was above that.
1:19:56
Also the coop condo assessed value is slightly higher, so there may be some buildings that were not eligible historically that will now be eligible.
Pierina Ana Sanchez
1:20:04
Got it.