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Q&A
Overview of affordable housing application process timeline
0:49:24
·
93 sec
Council Member Sanchez inquires about the timeline for the affordable housing application process from submission to move-in. HPD officials explain the various factors affecting the process duration.
- HPD's underwriting plans for 12-15 months for lease-up
- The Mayor's Management Report indicates 109 days for processing
- Low-income tax credit units require additional review, potentially extending the timeline
- HPD is working to streamline the process, especially during the 40-45 day period with marketing agents
Pierina Ana Sanchez
0:49:24
does it does the entire application process take from submission to move in?
Ahmed Tigani
0:49:29
So there's two different ways we look at this.
0:49:32
One, in our in our underwriting, the way we plan for it.
0:49:35
We are looking at twelve to fifteen months for lease up, but as you mentioned, the MMR has one hundred and ninety one hundred and nine days.
0:49:47
So there are two different ways.
0:49:48
You can either measure it from when the applicant is selected and we move through the process to get them in lease up or from when the application period, the deadline ends and we get to lease up.
0:50:03
There's the other part of it that sometimes changes this is whether the the unit itself is using low income tax credits or not.
0:50:11
There's an extra layer of review that goes into that And that's actually some of the changes that you see in the marketing guideline guidance that we put out yesterday or the day before are things that we worked on through conversations with Treasury and the IRS last year to limit the number, the pieces of paper that are required to work with syndicators and work with lenders to make sure that they could be comfortable with a a different review threshold.
0:50:41
So that's part of what we're trying to do to reduce that time, especially that forty to forty five day period with marketing agents where they have, you know, they they have a lot on their plate, they're doing great work, and they're trying to get through different applicants who may have different requirements.