REMARKS
HPD's historical and current efforts in housing preservation
1:56:39
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142 sec
Commissioner Carrión outlines HPD's historical and current efforts in housing preservation.
- Preservation work has historically been the majority of HPD's work, averaging 60-70% of financing.
- Recent years have seen record numbers in both preservation and new construction.
- HPD has about 450 preservation projects in their pipeline.
- The commissioner emphasizes the need to advance the J51 program, a tax abatement program for property improvements.
- HPD remains committed to continuing investments in preservation through various programs.
Adolfo Carrión Jr.
1:56:39
Thank you, speaker.
1:56:40
Thank you, Chair.
1:56:44
So historically, our preservation work has been the lion's share of our work.
1:56:48
That's where most New Yorkers live.
1:56:50
And in any given year, you look back 10, 15, 20 years, it's averaged 60% to 70% of the financing that we do is for preservation work in about 25 to 30% new construction.
1:57:06
That has changed a bit.
1:57:08
Our new construction numbers have exploded as we recovered from COVID and its impact on the staffing shortages.
1:57:16
Our preservation numbers also bounced back, and we've been here in this in this hall with with other committees and members talking about the work we've done in preservation and the historic work.
1:57:33
We've hit record numbers in preservation and new construction in the last couple of years.
1:57:41
We set records.
1:57:43
We've restored some of the legislative support that we needed and some of the authorizations that we needed, but and the and the cost of maintaining existing housing in New York City has gone through the roof.
1:58:01
We've got about 450 preservation projects in our pipeline, and we continue committed to financing those projects and moving them forward.
1:58:15
I will take advantage of this opportunity, madam speaker, and ask that we advance the J51 program that has been such an effective tax abatement program for us that allows owners of existing property to improve and modernize their properties without necessarily according to the new legislation not passing those increased costs to their tenants.
1:58:49
So our commitment is there.
1:58:51
We have a suite of programs that this body knows about.
1:58:55
We will continue those investments.
Adrienne E. Adams
1:58:57
Thank you very much for your testimony.
1:58:59
Thank you, commissioner.
1:59:00
Thank you very much, chair.
