Q&A
Criteria for determining if a proposal fits HPD financing programs
0:38:57
·
79 sec
Deputy Commissioner Kim Darga explains the criteria HPD uses to determine if a new construction proposal fits their financing programs, particularly for Open Door.
- Alignment with program term sheet (e.g., 100% affordable)
- Financial feasibility, including subsidy requirements and market conditions
- Sales pricing and potential demand within the housing connect process
- Consideration of zoning, neighborhood context, and other relevant factors
Adrienne E. Adams
0:38:57
It's good to hear.
0:38:59
When a new construction proposal comes in, how do you determine if it's fit for HPD financing programs and specifically for Opendoor?
Kim Darga
0:39:08
So there are a couple things.
0:39:09
See, first, we wanna make sure that it acts actually aligns with the program term sheet.
0:39:17
You know, sometimes we get proposals that are you know, they have unusual characteristics.
0:39:23
So, for example, somebody wants a finance mix market and affordable homeownership.
0:39:28
That's not something that we do through our program.
0:39:31
We're looking for a 100% affordable.
0:39:34
So that's 1st.
0:39:35
2nd is looking at financial feasibility.
0:39:40
And that is looking at the subsidy.
0:39:44
It's looking also at market.
0:39:46
So what are sales being priced at?
0:39:49
Is that actually a discount to market?
0:39:51
Can those sales happen?
0:39:55
Within the housing connect process.
0:39:57
Right?
0:39:58
Will we actually get demand for those units?
0:40:02
We certainly look at other characteristics too.
0:40:05
You know, we look at the zoning in the neighborhood, contacts, There's other aspects of the review as well, but financial feasibility and alignment with the program terms are some of the biggest.
