Q&A
Discussion on HPD's approach to mixed rental and homeownership buildings
1:47:07
·
3 min
Council Member Amanda Farías inquires about HPD's approach to offering financing opportunities for mixed rental and homeownership buildings. Kim Darga from HPD explains that while there's no dedicated term sheet for such projects, they are open to exploring the model.
- HPD is considering mixed rental and homeownership on a couple of sites
- Financial feasibility and resource allocation are key considerations
- Long-term management and operational questions need to be addressed
Amanda Farías
1:47:07
I know you folks have just been waiting for my questions.
1:47:12
We we know as was stated already by our speaker and and chair that home the home price has doubled making it impossible for people to live here at times and let alone even dream to own a New York City.
1:47:23
While we've been focused on new folks have been focused on preserving a lot of our existing homeownership, HVD also has a variation of means to offer affordability in term sheets for development.
1:47:35
And while I think we've been discussing a lot of the Li Tech, I still haven't quite heard the why we are not offering the financing opportunity on mixed rental and homeownership buildings.
1:47:47
And maybe I did hear it in a variation of capacity and and multitude of that, but I like for you folks to talk a little bit more.
1:47:55
And then If possible, why aren't we offering or looking at creating a term sheet for this, the mixed rental and homeownership buildings, and that possibility as an offering from HPD.
1:48:08
I think the model, it's self presents a lot of different potential and benefits for communities in New York City, especially ones that look like mine.
1:48:15
And I think another part of this, just to kind of piggyback off of what the majority whip was stating, is we the more families and individuals we move out of rentals and into homeownership frees up the rental units.
1:48:29
And so I hope I mean, I know we all are looking at it as a cyclical kind of more comprehensive way, but We we do have to also envision that in creation of homeownership means we're also getting to move and transition people into different housing, which means we get to open up and offer up already existing units while we're still building to meet the capacity.
1:48:50
So if you folks can talk a little bit about the HPE term sheet?
Kim Darga
1:48:53
Sure.
1:48:53
So there's no dedicated term sheet for mixed rental homeownership, but it is something that we are open to.
1:49:01
We are a exploring on
Diana Ayala
1:49:03
a couple of
Kim Darga
1:49:03
sites.
1:49:05
And I think it's really you know, again, we have to look at financial feasibility.
1:49:12
We're still working within the pod of resources that we have.
1:49:16
I also think we're as we've seen some of these projects, we're also thinking through kind of operations and long term implementation questions.
1:49:25
I don't think that those are there's nothing prohibited so much about that model is, like, they're just there are some questions about long term management and operations that we have to work through, especially with our development partners that haven't haven't done that so much before.
Amanda Farías
1:49:44
Okay.
1:49:44
Is is there general concerns or perspective challenges that you see maybe are already reflective in with other agency work or state level agency work?
Kim Darga
1:49:54
No.
1:49:54
I think, again, it's it's we're it's a model we're exploring.
1:50:00
I think we're open to continuing to explore it.
1:50:02
And I think it's a question of it's the same question around just resource allocation.
1:50:08
And making sure that we can serve as many New Yorkers as possible.
Amanda Farías
1:50:13
Okay.
