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Q&A
Developer's confidence in securing the MIMI program with HPD
0:48:52
ยท
154 sec
Council Member Crystal Hudson asks Michael Berfield about his level of confidence in securing the MIMI program with HPD. Berfield provides a nuanced response, explaining factors that might influence their chances.
- Berfield estimates a 50/50 chance of securing the MIMI program
- Unique advantages of the project: located in a neighborhood with little affordable housing and a substantial number of potential units
- Developer switched to the deeper affordability MIH option one, showing commitment to affordability
- Acknowledges challenges due to HPD's backlog and uncertainty about available subsidies
Crystal Hudson
0:48:52
Okay.
0:48:52
I recognize you're probably not gonna be able to give me, an an answer with much certainty to the next question that I'm gonna ask you, but it's just pure curiosity.
0:49:06
What is your level of confidence in securing the Mimi program with HPD on a scale from one to ten, ten being extremely confident?
Michael Berfield
0:49:17
This is a trick question here.
Crystal Hudson
0:49:19
It's not.
Michael Berfield
0:49:20
No.
0:49:20
No.
0:49:20
And I appreciate the question, and it was brought up by your staff and land use staff because I think everyone knows the city is backlogged with affordable housing projects, so we understand that.
0:49:31
I think this project has a couple unique things going for it that makes my confidence maybe a little higher than it would otherwise be.
0:49:37
One is this is a neighborhood that doesn't have a lot of affordable housing through HPD programs, so I think they're anxious in seeing something be developed here, and I think the other thing it has going forward is it's a substantial project.
0:49:50
You don't see a ton of affordable housing projects that have the potential for this many units.
0:49:55
A lot of times, they're smaller buildings, and that's good and bad.
0:49:59
It means more subsidy, but it also means you're getting, you know, more Right.
0:50:03
More done quicker if you can get it approved.
0:50:05
I really hesitate to handicap it.
0:50:08
I guess it's fifty fifty
Michelle Lee
0:50:09
Okay.
Michael Berfield
0:50:09
Only because I don't know enough about where HPD stands, other projects that are in the queue, you know, and the level of subsidy that the that the city has allocated for this program.
0:50:20
So it's a little tricky to handicap it, but Yeah.
0:50:23
Do think we have some advantages that are unique to this site that HPD liked when we've when we've been in our conversations with them?
Crystal Hudson
0:50:30
Okay.
0:50:30
I can I I appreciate the answer?
0:50:33
I'm I'm just asking because as you've mentioned, it it is difficult and there is a very long pipeline of projects to get through HPD.
0:50:42
And and so it's a concern of mine that I don't wanna get too bogged down onto one particular proposal or application if it doesn't seem like it might be that feasible, but so I appreciate fifty fifty is
Michael Berfield
0:50:58
fair.
0:50:59
It's like I'll just add one thing.
0:51:00
It's a fair point.
0:51:01
That's one of the reasons as Ellie mentioned in the presentation, we, you know, we made the decision after reviewing numbers and going, oh, back over budgets to switch to the deeper affordability MIH option one.
0:51:13
I know that's not an equivalent to the Mimi program, but it is a, for us, a significant change in our, you know, economics on the project but we understand that it's important to you and to the community and so that's why we made that decision a few weeks ago.
Crystal Hudson
0:51:26
Great.