Your guide to NYC's public proceedings.
Q&A
Clarification on capital expenses and Neighborhood Restore costs in TPT program
2:11:58
·
96 sec
Council Member Sanchez seeks clarification on capital expenses and Neighborhood Restore costs within the Third Party Transfer (TPT) program, with Deputy Commissioners providing detailed explanations.
- Neighborhood Restore's funding structure has evolved from initial seed capital to an acquisition fee added to the budget
- A reserve held by Neighborhood Restore helps manage ongoing administration and emergency repairs
- Current annual expense budget includes $800,000 in tax levy dollars, with $400,000 going to Neighborhood Restore and $400,000 for utilities
- Neighborhood Restore's primary source for ongoing administration is now through the capital budget
Pierina Sanchez
2:11:58
Thank you.
2:11:59
And when you say, so again you know focused on past administration of the program, a hundred $64,000 on average per unit, is that the only capital expense that there was?
2:12:12
Was the neighborhood restore funds, obviously staffing costs are expense, but neighborhood restore costs incurred, is that capital or expense?
2:12:21
Anything So initially
Kim Darga
2:12:23
there was seed capital that went to Neighborhood Restore.
2:12:28
In more recent rounds what we do is we add an acquisition fee to the budget, and that acquisition fee goes into a reserve held by Neighborhood Restore, and that then helps them manage ongoing administration.
2:12:43
So if the building that is transferred as part of the program, let's say there's not sufficient revenue to cover emergency repairs, there's a pod of resources.
2:12:55
We also have supplemented that historically through a combination of CDBG and expense funding.
2:13:01
More recently it's expense funded.
2:13:04
I'm looking at my colleagues from budget.
Gardea Caphart
2:13:06
Yeah, and on the expense side in our budget we have $800,000 a year right now.
2:13:12
It used to be a split of CDBG and tax levy dollars, but now it's all tax levy dollars.
2:13:17
And $400,000 of that goes to Neighborhood Restore as mentioned earlier, and it's another 400,000 that we spend on different utilities as needed.
Kim Darga
2:13:25
Yeah.
2:13:26
So at this point in time, Neighborhood Restores, the primary source for Neighborhood Restores ongoing administration is through the capital budget.