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Q&A

Allocation of City of Yes housing investment funds

0:50:59

·

140 sec

Speaker Adams inquires about the plans for allocating and spending the $5 billion investment negotiated as part of the City of Yes City for All legislation, including $1 billion from the state for housing development in NYC. OMB representatives explain the current understanding of fund distribution.

The state funding will flow directly to housing projects that benefit New York City
The state's allocation will go through prescribed state programs, details to be determined in the state enacted budget
There's more latitude in the city's commitment of $825 million for HPD and $175 million for NYCHA
The council expresses interest in prioritizing programs like affordable housing for extremely low-income families, affordable homeownership, neighborhood pillars, and Mitchell Lama rehab

Adrienne Adams

0:50:59

Okay.

0:50:59

I'm gonna let my colleagues dig a little bit more into that.

0:51:02

We're gonna move on to City of Yes.

0:51:06

The council and administration negotiated a package of significant capital and expense investments as a part of the City of Yes City for All legislation.

0:51:15

The negotiated investment totals 5,000,000,000.

0:51:18

The administration worked with the governor for the state to provide $1,000,000,000 of those funds specifically for housing development in New York City.

0:51:26

What are the city's plans for allocating and spending this additional funding if it is included in the enacted budget?

0:51:34

Will it simply be added to the capital commitment plan for the administration to use as they see fit?

0:51:42

Noting that the council would like to ensure that programs that are important to the council are prioritized like affordable housing for extremely low income families, affordable home ownership programs, neighborhood pillars, and Mitchell Lama rehab.

0:51:58

Will OMB agree to work with the council on the distribution of these funds?

Jacques Jiha

0:52:03

As far as we know, right now, the state funding will flow directly to housing projects that will benefit New York City.

0:52:13

Okay.

0:52:13

And, Tara, do you know more about?

Tara Boirard

0:52:17

The state funding is, as Jacques said, is going directly from the state to the various to benefit to benefit housing projects within New York City.

0:52:27

And in terms of the housing priorities that you mentioned, we're looking at the 875,000,000 or $825,000,000 that went into HPD's budget, and we anticipate that we'll be working together on Home First, NYC fifteen, and some of the other areas that you've identified.

Adrienne Adams

0:52:42

So so what you're saying is that the the state provided the billion dollars and there is already there are ideas or there are mandates on how that billion is to be placed?

Tara Boirard

0:52:57

I wouldn't say that there are mandates.

0:52:59

It's going to go through the state programs Mhmm.

0:53:01

In terms of their prescribed programs that will benefit New York.

0:53:05

All of that is to be determined in the state enacted budget.

0:53:09

I think where there's more latitude will be in the funding that the city, the city commitment of the 825 for HPD as well as the hundred and $75,000,000 for NYCHA.

Mercedes Narcisse

0:53:18

Okay.

0:53:19

Thank you.

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