REMARKS
Affordable Housing Services Program: A new approach to creating deeply affordable housing
0:57:19
ยท
152 sec
Commissioner Park introduces the Affordable Housing Services Program as an innovative solution for creating long-term, deeply affordable housing using CityFHEPS vouchers.
- The program converts CityFHEPS into a project-based rental assistance contract.
- Non-profit organizations receive 30-year contracts that include CityFHEPS rent, maintenance and operation funds, and light-touch social services.
- The long-term contract allows non-profits to secure mortgages and purchase buildings.
- Three non-profits acquired four buildings over the summer using this tool.
- All residents in these buildings will be long-term shelter clients effectively receiving CityFHEPS through the contract.
- This approach creates permanent, deeply affordable housing opportunities for vulnerable populations.
Molly Wasow Park
0:57:19
I I absolutely agree.
0:57:20
1 of you know, obviously, housing development is a little bit out of my lane, at the Department of Social Services, but one of the initiatives that we are incredibly proud of is our affordable housing services program, where what we've done is take city fepps and and turn it into a project based rental assistance contract.
0:57:40
So a not for profit will get a contract that includes city fepps rent, some maintenance and operation dollars, and light touch social services, and that contract runs for 30 years.
0:57:52
And because there is this, you know, long term contract to pay rent, they can take that to a bank and get a mortgage.
0:58:02
And we so over the summer, we had 3 nonprofits acquire 4 different buildings using this tool.
0:58:08
Right?
0:58:09
So they the not for profits actually were able to buy the buildings, and everybody going into those buildings for the next 30 years will be a long term stay or DHS client, who's effectively receiving city FAPs and the the city FAPs is actually running through the contract.
0:58:28
It's permanent housing, so the people who move in there might stay for 30 years or maybe they'll stay for 10 years and, you know, move someplace else, and then the next person that moves in will be also from that.
0:58:39
So we, you know, we can't solve all of our problems that way, but recognizing, as you say, that that their vacancy rate is an has an enormous impact on our clients, we are trying to actually create those really deeply affordable housing opportunities.
Diana Ayala
0:58:55
Okay.
0:58:58
Do we know I don't I mean, I'm sure they I don't I don't I don't know that you would have this on you, but would we know how many what the of the 10 potentially 10% of folks that are not applying for renewal, are we would we is there a way to keep track to see if any, you know, if any of them end up back in shelter?
Molly Wasow Park
0:59:19
I you know, I know this, the return rate from subsidized housing to permanent to shelter is quite low.
0:59:27
It's under 1% for families with children and just a couple of percentage points for for single adults.
0:59:34
We have I don't know that we have done that analysis of specifically people who have not return renewed their city feps vouchers, but, we can take a look at that and get back to you.
Diana Ayala
0:59:44
Alright.
0:59:44
And if you could give me the number of households that, received an extension after the 5 year limit was up?
Molly Wasow Park
0:59:50
Yeah.
0:59:50
We'll follow-up with that.