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Q&A
EDC's role in affordable housing development under City of Yes
1:18:12
·
93 sec
Council Member Amanda Farías inquires about EDC's anticipated role in financing or developing affordable housing as a result of City of Yes zoning changes. Andrew Kimball explains EDC's approach to affordable housing development through land RFPs and cross-subsidization.
- EDC participates in affordable housing development primarily through RFPs on city land
- This approach allows for faster development compared to HPD's tax-exempt pipeline
- Specific projects mentioned include Coney Island West, 100 Gold, Gansevoort Street, and Stapleton B4/B5
- EDC's capital program did not receive direct funding from the $2 billion City of Yes housing investment package
Amanda Farías
1:18:12
Okay.
1:18:14
The City of Yes, City for All plan also included significant investments for affordable housing development and preservation in the city.
1:18:21
Does EDC anticipate playing a role in financing or developing affordable housing as a result of the changes to the city zoning resolution with City of Yes?
Andrew Kimball
1:18:33
Yes, but primarily the way that EDC participates in affordable housing development is through RFPs of city land where the project is not going into HPD's tax exempt pipeline, which means a wait of five to ten years before the project gets built.
1:18:58
EDC is able to leverage the RFP to essentially cross subsidize through the value of the land what would look like a four eighty five x project or or above.
Amanda Farías
1:19:16
Okay.
1:19:16
And are there any particular projects that you're currently looking at that fall under that?
Andrew Kimball
1:19:20
Yes.
1:19:21
Coney Island West, one hundred Gold, Ganzavort Street, Stapleton b four, b five, just to name a few.
Amanda Farías
1:19:30
Okay.
1:19:30
Great.
1:19:31
And we've also been joined by council member Bacher.
1:19:33
Did EDC's capital program receive any of the 2,000,000,000 in housing investments that the administration included in the city of Yes package?
Andrew Kimball
1:19:41
I do not believe any of those funds are flowing through our capital project.