PUBLIC TESTIMONY
Testimony by Jamie Smarr, CEO of New York City Housing Partnership, on Affordable Homeownership
2:50:43
·
137 sec
Jamie Smarr, CEO of New York City Housing Partnership, expressed support for Intro 958 while urging the council to take a more comprehensive approach to affordable homeownership in NYC. He emphasized the need for tax incentives and available land to make homeownership more accessible.
- Highlighted the Housing Partnership's creation of 35,000 homes, primarily benefiting Black and Latino homeowners
- Called for the reinstatement of tax incentives like the expired 421b program to encourage affordable home construction
- Stressed the importance of making city and state-owned lands available for homeownership production
Jamie Smarr
2:50:43
Speaking of Adams, Theresa Lamonka, members of the committee.
2:50:46
My name is Jamie Small.
2:50:48
I serve as CEO of the New York City Housing Partnership.
2:50:51
A public private intermediary created by Mayor Cox in 1983 to help revitalize New York City Neighborhoods with affordable home ownership.
2:51:00
Since our establishment, the housing create, partnership has created more than 35,000 homes in the Five boroughs, majority of these partnership homes resulted in the creation of a new generation of predominantly black and Latino homeowners.
2:51:15
We continue to support affordable homeownership in New York City as a fundamental pathway to web building.
2:51:24
Housing Partnership supports intro 958.
2:51:27
At the same time, I would urge the council to go beyond the scope of this local lawmaking and take a more comprehensive approach.
2:51:36
To New York City homeownership construction.
2:51:39
The focus cannot solely be on HPD's annual capital appropriations.
2:51:45
We also need the following.
2:51:47
We need tax incentives.
2:51:49
The state legislature allowed the 421b statute to expire.
2:51:54
421b was the primary tax incentive for 1, 2, and 3 family home construction in New York City in the 19 eighties 19 nineties.
2:52:04
When the city was literally creating thousands of affordable homes for purchase each year.
2:52:09
421b is no longer a legislative priority of the Sin City, so the legislature allowed the program to expire.
2:52:17
We need an uncomplicated meaning easy to administer and to implement tax incentive that is targeted to making first time homeownership cheaper, and not exactly what the 421B program was achieved.
2:52:31
2nd, affordable new home construction is expensive and requires cheap available land.
2:52:39
Greater attention needs to be a paid to making city and state owned lands available for homeownership production.
2:52:45
City owned lands, and here I also include NICA And Department of Education Own.
UNKNOWN
2:52:51
Time has expired.
Jamie Smarr
2:52:54
The balance of my testimony I've submitted to you for your consideration, and thank you very much for your time.
