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Factors affecting pipeline progression and project timelines
1:01:24
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112 sec
Kim Darga, Deputy Commissioner for Development at HPD, explains various factors that affect the progression of projects in the pipeline and their timelines.
- HPD finances hundreds of projects a year, with more in preservation than new construction
- Factors affecting pipeline progression include capital budget, staffing, and external approvals
- The robust capital budget, supported by the administration and city council, has helped advance projects
- External factors like environmental remediation, board approvals for HDFC co-ops, and other agency certifications can slow down project progression
Kim Darga
1:01:24
I don't have the project information here, but we finance hundreds of projects a year.
1:01:34
We do we finance more projects in preservation than we do in new construction outside of the as of right program areas.
1:01:43
So certainly, 45 x four twenty one a, there's a bigger volume than on the subsidized production front.
1:01:52
How quickly we could get through that pipeline depends on a lot of factors.
1:01:56
Certainly we have a very robust capital budget.
1:01:59
We've been very blessed with support within the administration and advocacy by city council to make sure that those resources are sufficient and we appreciate that.
1:02:10
Our capital budget has grown, which has been really, really helpful in allowing us to be able to navigate the pipeline in advance projects.
1:02:20
It's also a function of staffing.
1:02:22
But there are also things out of our control.
1:02:25
So how quickly a developer can manage some of the due diligence and approvals approvals that are just ones that we can grant.
1:02:36
So maybe a project needs a waterfront certification.
1:02:41
Maybe they need a lending approval.
1:02:45
Maybe they're trying to deal with some complicated remediation, environmental remediation questions.
1:02:50
Maybe it's an HDFC co op and they need board approval and it takes them a while to make sure that all the residents are comfortable with the plan.
1:02:59
So even if we had significantly more resources, we couldn't necessarily significantly advance the pipeline immediately because there's a lot of other questions there at stake besides just how much capital is in the budget or how many staff we have.