QUESTION
What is the general term and duration of the benefit provided by the Department of Housing Preservation and Development?
0:47:35
·
60 sec
The Department of Housing Preservation and Development provides a benefit where the owner completes work and is eligible for an abatement of up to 70% of the cost.
- The owner first does the work according to a certified reasonable cost schedule
- The department reimburses the lesser of the actual cost or the posted reasonable cost
- If deemed eligible, the owner receives a certificate allowing the abatement
- The abatement is for up to 70% of the work cost
- The owner can receive up to 8 1/3% of the abatement annually
- The benefit term ranges from 12 to 20 years depending on how long it takes to fully pay out
Alexa Avilés
0:47:35
And then what's the general term?
0:47:37
Thank you.
0:47:38
The general term of the of the benefit, is it annual or is it
Kim Darga
0:47:43
So the way it works is that so the owner will do the work.
0:47:47
We'll have a certified reasonable cost schedule.
0:47:50
So let's say somebody wants to do a roof, it'll say how much we're willing to reimburse.
0:47:57
The actual reimbursement will be for the lesser of the actual cost of that work or what we have posted as a reasonable cost.
0:48:06
And then Once we've deemed the applicant eligible, they met the requirements, we issued a certificate of eligibility.
0:48:14
We then they are eligible for an abatement.
0:48:17
Of up to 70% of the work.
0:48:21
Okay?
0:48:22
That is then they can get up to 8 and 1 third of that benefit annually for a term of up to 20 years.
0:48:30
So it's 12 to 20 years.
0:48:32
However long it takes to pay that out.
0:48:34
Basically.
