Your guide to NYC's public proceedings.
Q&A
Council member inquires about affordability plans for the development
0:44:56
ยท
97 sec
Council Member Crystal Hudson asks the developer representative, Michael Berfield, about the plans for affordability in the proposed development. Berfield explains that they have been in conversations with HPD for over a year and are exploring options to reach deeper levels of affordability than the standard MIH.
- Initial submission for the MIMI program was made last February
- Conversations with HPD have involved traditional MIMI breakdown
- Developer plans to approach HPD for additional lower income, deeper affordable units
- HPD has been reviewing the application for about a month and a half
Crystal Hudson
0:44:56
Thank you so much, chair Riley, and thank you all for the presentation.
0:45:02
I have several questions.
0:45:03
So the first is, can you just go into detail about the plans for the affordability of this development?
0:45:09
I know that you said you're exploring all available options to reach deeper levels of affordability than the standard MIH.
0:45:16
Can you talk about where you are in the process?
0:45:19
What you've heard from HPD, if anything specific to the the Mimi program?
Michael Berfield
0:45:25
Yeah.
0:45:25
I'll take that.
0:45:26
Do you need me to introduce myself again?
Kevin C. Riley
0:45:28
Yes,
Michael Berfield
0:45:29
please.
0:45:29
Okay.
0:45:29
Michael Burfield representing the developer.
0:45:32
So we have been in conversation with HPD now for over a year.
0:45:37
The initial, I think, submission with the Mimi program went in last February.
0:45:43
The conversations that we've had with them right now have entailed sort of the traditional Mimi breakdown, which is what we provided in our presentation.
0:45:52
After conversations with with you and with our consultant on this, we do plan on approaching HPD to see if we can negotiate some sort of additional lower income, deeper affordable units, which would require HPD to provide some additional subsidy.
0:46:12
So that's a conversation we'd like to have with them.
0:46:15
They've been reviewing our application now for a few weeks.
0:46:20
I should say longer than that, probably closer to a month and a half.
0:46:23
And we have heard back from them strictly in the sense that they're reviewing it.
0:46:27
We've gotten project person assigned to it, so we're, expecting to hear more from them within the coming week.
Crystal Hudson
0:46:33
Are you exploring any other options for HPD subsidy aside from the Mimi?