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REMARKS
Factors affecting pipeline progression and project timelines
1:01:24
ยท
112 sec
Kim Darga, Deputy Commissioner for Development at HPD, explains various factors that affect the progression of projects in the pipeline and their timelines.
- HPD finances hundreds of projects a year, with more in preservation than new construction
- Factors affecting pipeline progression include capital budget, staffing, and external approvals
- The robust capital budget, supported by the administration and city council, has helped advance projects
- External factors like environmental remediation, board approvals for HDFC co-ops, and other agency certifications can slow down project progression
Kim Darga
1:01:24
I don't have the project information here, but we finance hundreds of projects a year.
1:01:34
We do we finance more projects in preservation than we do in new construction outside of the as of right program areas.
1:01:43
So certainly, 45 x four twenty one a, there's a bigger volume than on the subsidized production front.
1:01:52
How quickly we could get through that pipeline depends on a lot of factors.
1:01:56
Certainly we have a very robust capital budget.
1:01:59
We've been very blessed with support within the administration and advocacy by city council to make sure that those resources are sufficient and we appreciate that.
1:02:10
Our capital budget has grown, which has been really, really helpful in allowing us to be able to navigate the pipeline in advance projects.
1:02:20
It's also a function of staffing.
1:02:22
But there are also things out of our control.
1:02:25
So how quickly a developer can manage some of the due diligence and approvals approvals that are just ones that we can grant.
1:02:36
So maybe a project needs a waterfront certification.
1:02:41
Maybe they need a lending approval.
1:02:45
Maybe they're trying to deal with some complicated remediation, environmental remediation questions.
1:02:50
Maybe it's an HDFC co op and they need board approval and it takes them a while to make sure that all the residents are comfortable with the plan.
1:02:59
So even if we had significantly more resources, we couldn't necessarily significantly advance the pipeline immediately because there's a lot of other questions there at stake besides just how much capital is in the budget or how many staff we have.
Ahmed Tigani
1:03:16
And the only thing I'll add is, and this council has brought this up before and the administration has taken this seriously, so we are talking about multiple agencies having to work together to move one project forward.