Q&A
HPD's efforts to secure additional state funding for homeownership
1:10:05
·
101 sec
Council Member Salamanca inquires about HPD's efforts to secure additional funding from the state for homeownership programs during their annual 'tin cup day' visits to Albany.
- HPD officials note that there have been some additional resources added for homeownership in recent years as part of the state housing plan.
- The Affordable Homeownership Opportunities Program (AHOP) was created to help finance limited equity cooperatives.
- An additional $75-80 million was added last year to finance limited equity cooperatives through another initiative.
- However, HPD acknowledges that despite these additions, the funding is still not sufficient to significantly increase the scale of homeownership financing.
Rafael Salamanca, Jr.
1:10:05
I I understand inflation.
1:10:06
Yes.
1:10:07
It's real, and and it has an effect.
1:10:09
But my question is once a year, the administration goes out to Albany.
1:10:13
Right?
1:10:13
I believe they call it a tin cup day.
1:10:15
Right?
1:10:15
There we go.
1:10:16
Right?
Ahmed Tagani
1:10:16
And so you're right.
Rafael Salamanca, Jr.
1:10:18
And I know that the commissioner goes up there as well, and that's your opportunity to ask the state elected officials give them your priorities, get them your needs.
1:10:26
And, you know, speaking to my state elected officials, and I know that the majority whip will speak a little bit on this because we we did a home ownership project in your district.
1:10:35
There is a their their elect the state elected officials want to bring home ownership.
1:10:40
To their communities.
1:10:42
So what is HPD doing on TikTok day or any other day that you go up and you there's an ask to to to to to the state.
1:10:49
So to allocate extra funding for homeownership, separate an aside from affordable housing.
Kim Darga
1:10:56
Yeah.
1:10:57
I mean, there are there have been additional resources added on the homeownership side the last couple years now as part of the state housing plan.
1:11:07
And then annually, there's been some additional resources The AHOP program did not exist, the affordable homeownership opportunities program until a couple of years ago.
1:11:16
That helps finance limited equity cooperatives.
1:11:19
And then last year, there was another 75, 80,000,000 added to also finance limited equity cooperatives through another initiative.
1:11:28
Some of that so that's statewide funding.
1:11:31
Some of that's available in New York City.
1:11:34
That helps, but it is I'm just gonna be honest.
1:11:37
It's it's still not enough if we wanna increase the real estate we're financing, it's definitely not enough.
Rafael Salamanca, Jr.
1:11:46
So my question commissioner again is Yeah.
