Q&A
Explanation of $500 million cost estimate for proposed bill's impact on HPD's capital budget
0:21:26
·
38 sec
Lucy Joffe, Deputy Commissioner for Policy and Strategy at HPD, explains the $500 million cost estimate for the proposed bill's impact on HPD's capital budget.
- Clarifies that the estimate focuses on impacts to HPD's capital budget for subsidizing affordable housing projects
- Explains that increased costs mean HPD has to put more money into each project
- Notes that this results in HPD's dollars going less far, limiting what can be done with the budget
Lucy Joffe
0:21:26
So if you may, I'd love to just go
Carmen N. De La Rosa
0:21:27
back and absolutely
Lucy Joffe
0:21:28
work from the last answer that to connect that point that our estimates when we talk about the cost of this bill are focused on the impacts on HPD's capital budget and how we would subsidize the affordable housing projects that we would do.
0:21:41
So when we talk about $500,000,000, that is the money that when you don't when on the dynamics of our project, when we play it as was discussed, this role as gap financer when the costs increase.
0:21:53
We actually have to put in more money into each of those projects, and that works differently on some of these other examples that you talked about.
0:22:00
So our dollars go less far, and we can do less with them.
