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Q&A
Contingency plans for affordability without HPD partnership
0:51:26
ยท
37 sec
Council Member Crystal Hudson inquires about assurances of affordability if HPD does not partner on the project. Michael Berfield explains their alternative approach to ensure deeper levels of affordability.
- Developer decided to switch to the deeper affordability MIH option one
- This decision was made after reviewing numbers and project budgets
- The change represents a significant shift in the project's economics
- Decision was influenced by conversations with elected officials and community needs
Crystal Hudson
0:51:26
Great.
0:51:27
Thank you.
0:51:28
If HPD does not partner with you on this project, how can you assure the subcommittee that you'll provide the levels of affordability that reflects residents' needs?
0:51:36
I think you just sort of spoke to that
Michael Berfield
0:51:39
option Yeah.
0:51:39
Think that exactly.
0:51:40
That was the reason, you know, we had heard that we weren't really hadn't gotten, as you know, as far along in our in our sort of discussions with with elected officials such as yourself, the borough president, and so once we really were able to have those conversations with your staff, that's when we realized we need to look at the project another way and see if we can achieve those deeper levels that come with MIH one.
Crystal Hudson
0:52:04
Okay.