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QUESTION
What programs exist to convert existing buildings into homeownership opportunities?
1:10:42
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The Department of Housing Preservation and Development does not have a specific program for converting existing buildings into homeownership opportunities.
- However, the agency is open to supporting such projects if residents are interested and can meet certain requirements.
- For rent-stabilized buildings, the conversion would need to comply with state laws.
- The agency has experience facilitating conversions of city-owned foreclosed buildings into limited equity cooperatives.
- Residents of properties foreclosed through the 3rd party transfer program can petition to become cooperatives.
Kim Darga
1:11:23
That's a good question.
1:11:24
We don't have a specific program that does that, but if there is a building that where the residents are interested in doing that, and they are able to organize and meet the so for example, if it's a rent stabilized building, it would have to meet the requirements to convert under state law.
1:11:49
If they're able to do that, we certainly would be open to that conversation.
1:11:54
And we have heard from some of the organizations out there that work on home ownership projects that they are interest and working with residents to do that.
1:12:07
And there's a couple projects that have come to us where that is what the residents would like to do, and we are supporting those projects.
1:12:23
Sure.
1:12:24
That agency has a long history of actually doing this, but not is common on privately owned property.
1:12:31
Right?
1:12:31
We So there's, like, 3 parts of this.
1:12:35
So let me it'll take me a moment to explain it.
1:12:38
But first, we are very concerned with maintenance of affordable rental housing in the city given that there is not enough of it based on the demand.
1:12:50
Right?
1:12:50
The vacancy rate for low cost units is extremely, extremely low.
1:12:56
So that's certainly something the agency is concerned about, and loss of that housing would be a concern to us.
1:13:03
That said, we absolutely have examples.
1:13:05
So we for city owned property, we have buildings that we foreclosed on.
1:13:10
And as part of the affordable neighborhood cooperative program have the ability to become limited equity cooperatives.
1:13:18
And we have supported and put tremendous resources into making good on those promises.
1:13:24
For properties that we have foreclosed on through the 3rd party transfer.
1:13:29
Residents have the ability to petition there to become a cooperative going forward.
1:13:37
And there have been buildings that have taken advantage of that in the past.
1:13:42
So we absolutely do have some examples of this.
Oswald Feliz
1:10:42
So just curious, on the issue of home ownership, we have different programs including the Opendoor program that relate to the construction of new buildings, which could potentially include homeownership.
1:10:53
But just curious, are there any programs that relate or that involve converting existing buildings into buildings for home that could could offer a home ownership.
1:11:04
Let's say, for example, a bad landlord, whether private or let's say a nonprofit.
1:11:10
I have a nonprofit in my district that has about 10 buildings, some of them with with over 300 violations.
1:11:15
So any programs that could potentially help turn those buildings into opportunities for homeownership for those tenants?
1:12:18
Okay.
1:12:19
Good.
1:12:19
And have we done that before though?
1:12:20
Have we actually completed any project that we could use as a
1:13:45
Okay.
1:13:45
Good.
1:13:45
Well, look forward to continuing that conversation offline.
1:13:48
We have this large nonprofit, Aquinas.
1:13:51
I don't know if all of people have been working with them, but they have a large portfolio.
1:13:56
Their top 10 buildings have over 2 to 300 violations each.
1:14:00
That's completely unacceptable.
1:14:02
They can't manage the building, then then they shouldn't have it.
1:14:04
So we should we look forward to continuing those conversations with all of you.
1:14:09
And, yeah, seeing how we could.
1:14:12
Create a building, that building system that works with the tenants.