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Q&A
Explanation of tenant relocation process and right to return
0:16:18
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69 sec
Kerry LaBotz from HPD outlines the process for tenant relocation and assures that all tenants have the right to return to their units. The timeline for relocation depends on various factors related to the rehabilitation work.
- Tenants are offered a temporary relocation agreement reviewed by the agency
- Lemley and Wolf will lead the relocation effort, finding suitable units within or outside the building
- The relocation process typically takes 1-2 years, depending on the scope of work and building conditions
- Relocation may occur before or after financing closure, based on the specific needs of the project
Kamillah Hanks
0:16:18
Can you tell me what that process would look like and how the agency will guarantee that tenants can exercise their right to return?
Kerry LaBotz
0:16:25
Sure.
0:16:26
Tenants are offered a temporary relocation agreement.
0:16:29
The agency reviews that agreement.
0:16:31
All tenants have a right to return to their units.
0:16:34
And we'll work with Lemley and Wolf, Lemley and Wolf being the lead on the relocation to find suitable units for relocation, either within the building or externally.
Kamillah Hanks
0:16:44
How long does that typically take to find a to relocate?
Kerry LaBotz
0:16:48
It depends on the timing of the relocation.
0:16:52
So if tenants are relocated after we do our transaction closing, relocated
Karen Baez
0:16:57
depending on the timeline for the work.
0:17:00
So I would say, you know, typically it would take between one and two years to develop the scope of work.
0:17:05
We would close on financing.
0:17:07
And if relocation is necessary before we are able to provide financing, Lemline will work with tenants to find units.
0:17:15
Otherwise, tenants will be
Kerry LaBotz
0:17:16
relocated if necessary to complete that scope of work.
0:17:19
So it's very much dependent on the type of work that's needed, the conditions in the building, and whether they need to be relocated prior or post closing.