PUBLIC TESTIMONY
Testimony by Gregory Christopher Baggett, Principal of New York Council for Housing Development Fund Corporations (NYC HDFC), on 3rd Party Transfer Program and HDFC Preservation
3:20:01
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4 min
Gregory Baggett, representing the New York Council for Housing Development Fund Corporations, testified on the 3rd party transfer program and HDFC preservation. He acknowledged the program's success in preserving homeownership but expressed concerns about proposed solutions and suggested innovative approaches for managing HDFC assets.
- Baggett emphasized the need for treating HDFC management as businesses while supporting residents and boards.
- He proposed establishing an asset management trust, implementing mandatory tailored business education, and engaging neutral business experts for unbiased direction.
- Baggett also advocated for Intro 0958, which aims to create homeownership opportunities for individuals earning 80-165% AMI, aligning with the draft legislation.
Gregory Christopher Baggett
3:20:01
Good evening.
3:20:02
Gregory Baggett from the April at Randolph Square in Naperville Alliance, and I'm a consultant in Prince about with the New York Council for Housing Development Fund Corporations.
3:20:15
I want to well, I just want to say it's a little disheartening to after over 50 years of listening to stuff about HDFCs to still hear mostly failing stories about failing HDFCs when the vast majority of the buildings are doing well.
3:20:38
I want to testify that the 3rd party transfer program has successfully preserved homeownership since its inception and has created home homeownership opportunities from previously failing rental properties.
3:20:52
Moreover, most TPT converted HDFC corporatives often outperform those from the Till program despite fewer opportunities for few opportunities for resident education.
3:21:12
So I wanna thank you, chairwoman Sanchez, for introducing this draft legislation and recognizing this program's historic potential to preserve and provide the promise of homeownership opportunities for many New Yorkers living in distressed properties.
3:21:29
However, we have one concern the proposal to propose solutions to preserve.
3:21:36
These precious assets seem to replicate paths and effective approaches.
3:21:42
1, reliance on monitors who represent the corporation's interests not the city, the governmental agencies or the residents, oversimplified education programs, tantamount to physics for poets that create permanent dependency on the provider.
3:22:02
And 3, involvement of paternalistic nonprofits with proprietary and territorial practices that hinder effective stewardship.
3:22:15
I'd like to continue.
3:22:16
I just have a paragraph.
3:22:19
These approaches have proven inadequate in the past.
3:22:23
We need innovative solutions that treat the management of these scarce assets as the businesses that they are while supporting the residents and boards to whom these assets provide shelter with equity and empathy.
3:22:38
We urge you to consider establishing a asset management trust with expanded authority over the capital budget of these corporations, implemented mandatory tailored business education, engaging neutral business ex spurge for unbiased direction and insight.
3:23:00
And lastly, converting corporations at risk to nonprofit HDFCs.
3:23:07
HDFCs, that's part of the community management program.
3:23:11
Or Community Land Trust HDFCs.
3:23:15
In closing, addressing these concerns will ensure that the HDFC portfolio continues to create sustainable homeownership opportunities for future generation.
3:23:27
And one last point.
3:23:30
I wanted to make a pitch for intro 0958 to create home ownership opportunities in purse persons earning 782, 165%.
3:23:41
AMI.
3:23:42
This bill, which was introduced by the speaker, is in perfect alignment with this draft legislation because most young professionals, first time home, but owners, retired, older adults with retirement, and returning graduates earned too much to qualify for many of the city's preservation housing programs, and yet too little to access the free market.
3:24:08
Thank you very much.
