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Detailed explanation of the vetting process for RAD/PACT conversion projects
2:26:45
ยท
92 sec
Jonathan Gouveia provides a comprehensive explanation of the process for vetting and approving RAD/PACT conversion projects, emphasizing the multiple layers of review and approval involved.
- The process involves a year-long (or longer) period of investigation and planning
- Developers conduct invasive investigations to inform the scope of work
- NYCHA oversees the process to ensure current and future needs are addressed
- The budget is reviewed and approved by NYCHA, the city's housing finance agency (HDC), and the federal government
- The multi-step approval process aims to minimize the risk of financial default
Jonathan Gouveia
2:26:45
So I think the question that Brian referred to me is about, know, the debt and and going into default.
2:26:54
So a few things.
2:26:55
There is a almost a year long process, sometimes even longer.
Amelia Walden
2:26:59
But you
Darlene Mealy
2:26:59
go on foreclosure?
Jonathan Gouveia
2:27:01
No, no, no, no, no, Before we even convert.
2:27:04
From the time we have selected a development and we are working and doing the engagement, the developers are going in to the sites, they're doing invasive investigations to really inform the scope of work and making sure that they have fully thought through the scope of work that needs to happen.
2:27:18
And we are overseeing that process to make sure that the scope of work is going to address today's needs, and it was mentioned in one of the pre panels, making sure that the twenty year needs are addressed.
Darlene Mealy
2:27:29
If it's not
Jonathan Gouveia
2:27:30
Well, hang on.
2:27:31
As once that scope of work Once Well, need to give you a full answer.
2:27:35
So once the scope of work has been developed, then it gets costed out, and we know what the budget is.
2:27:40
So NYCHA, review that budget and approve that budget, and we go back and forth to make sure we get to a place where we're okay.
Darlene Mealy
2:27:46
Then
Jonathan Gouveia
2:27:47
there is the city's housing finance agency, HDC, that also reviews and approves.
2:27:53
And then of course there's the federal government.
2:27:54
We have to submit financing plans to the federal government to show that we have a viable project.
2:27:59
And they approve the subsidy that's going into the That's
Shaan Mavani
2:28:02
how we
Jonathan Gouveia
2:28:02
get here.
2:28:03
They approve the costs, and they move forward with the project.
2:28:06
All of that is to say the risk of a default by the time we get to a conversion is extremely low because it's been vetted and the project has been developed and vetted by these three entities.