PUBLIC TESTIMONY
Testimony by Brendan Cheney, Director of Policy and Operations at New York Housing Conference
2:18:01
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126 sec
Brendan Cheney, representing the New York Housing Conference, testified in support of affordable homeownership initiatives while expressing concerns about HPD's ability to meet specific targets. He emphasized the importance of addressing the racial homeownership gap and suggested a comprehensive strategy for increasing homeownership opportunities.
- Praised Speaker Adams for her leadership on affordable housing initiatives
- Highlighted the racial disparities in homeownership rates in New York City
- Recommended setting annual unit production targets for both rental and homeownership instead of percentage-based goals
Brendan Cheney
2:18:01
Good afternoon.
2:18:01
My name is Brendan Cheney.
2:18:02
I'm the director of policy and operations at the New housing conference.
2:18:06
We're a nonprofit affordable housing policy and advocacy organization.
2:18:09
Thank you for the opportunity to testify today.
2:18:12
So I've submitted my full testimony, but I'll summarize here.
2:18:15
First, we wanna thank Speaker Adams for her leadership on affordable and fair housing.
2:18:18
Including her work on the fair housing framework, adding resources for affordable housing, including an additional $2,000,000,000 in this year's budget, advocacy around the expansion of City of Heps, and a focus on affordable home ownership.
2:18:30
We applaud the focus on affordable home ownership, We have a history of housing discrimination in the city and nationally, which has led to a racial homeownership gap where White New Yorkers homeownership rate is 41%.
2:18:41
For black New Yorkers, it's 27%, and for Latino, his New Yorkers, it's 17%.
2:18:47
Supporting homeownership opportunities can help repair our history of housing discrimination.
2:18:52
But this will require a comprehensive strategy that includes funding for new construction of affordable home ownership, while maintaining equipment to preservation of existing home ownership, increased down payment assistance, and conversions of existing rental to home ownership.
2:19:08
Both of these last two are efficient ways to get new home ownership.
2:19:12
While also maximizing the impact of tax incentives like the 45x program.
2:19:17
While we support the goal of expanding homeownership, we have concerns about HP's ability to consistently meet the targets set as a percentage of units financed, and about challenges related to the cyclical nature of the housing market.
2:19:29
Housing supply available for down payment assistance, interest rates, lending practices and projects in the pipeline for new construction and conversions will vary greatly year to year.
2:19:38
While the build calls for an average over 5 years, housing cycles still make it a challenge to meet percentage goals.
2:19:44
We're also concerned about HPE's significant pipeline of projects already waiting years for financing, including both rental and homeownership projects.
2:19:52
So given the extent of the housing crisis, we recommend in lieu of percentage targets that the council require HPD to set annual unit production targets for both rental and homeownership for the remainder of the 10 year housing plan.
2:20:03
Thank you for the opportunity to testify.
2:20:05
We're happy to answer any questions.
2:20:06
Okay.
