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Q&A
Council Member Restler questions HPD on term sheets and affordable housing programs
1:04:40
·
4 min
Council Member Lincoln Restler questions Acting Commissioner Ahmed Tigani about HPD's efforts to issue new term sheets, particularly focusing on the Neighborhood Pillars program and its impact on affordable housing. Tigani provides details on the program's expected outcomes, funding, and the broader context of HPD's preservation efforts.
- HPD expects the Neighborhood Pillars program to impact about 100 units a year based on current funding.
- New preservation term sheets are expected to be released soon, following extensive stakeholder engagement.
- Tigani emphasizes that HPD's preservation efforts extend beyond the Neighborhood Pillars program, utilizing various tools and term sheets to address distressed buildings and improve tenant outcomes.
Lincoln Restler
1:04:40
We'll do one more topic on behalf of the chair, then a statement from the public advocate and and then member questions.
1:04:47
At the preliminary budget hearing, the chair and you discussed efforts to issue new term sheets.
1:04:56
And the committee was very pleased to see a new neighborhood pillars term sheet finally appear on HPD's website.
1:05:01
Have you been getting any interest?
1:05:03
How many buildings or units does HPD expect to reach given the relatively low amount that the administration has invested in the program?
1:05:09
I believe it's $15,000,000 for FY '26.
1:05:12
When an affordable housing developer sees that a term sheet is four or five years out of date, how does that affect their willingness to pursue that HPD program?
1:05:22
And are there additional term sheets that we should be anticipating in the near future?
1:06:41
you down though?
1:06:43
Have you gotten any interest to date?
1:06:49
many buildings or units does HPD expect to reach given the relatively modest amount of funding?
1:07:01
Hundred units.
1:08:49
Thank you for that, commissioner.
1:08:51
I think you've put an eye to sleep.
1:08:53
You're welcome.
1:08:59
And with that, I will pass it over to public advocate Williams who has a statement.
1:09:03
And
Ahmed Tigani
1:05:25
I again appreciate the question and of course we appreciate the support for Neighborhood Pillars.
1:05:30
It's an important program to us.
1:05:32
We did relaunch it.
1:05:33
We were excited about seeing and getting that moving forward.
1:05:36
We worked on that with dozens of advocates over at least a year plus many years of conversations.
1:05:44
So we do expect this to have a high impact right now.
1:05:48
We think about 100 units a year based on the funding.
1:05:52
But I also want to stress the fact that this is work that isn't exclusive to neighborhood pillars.
1:05:58
We have nearly a dozen preservation term sheets.
1:06:00
Many of the nonprofit advocates we work with use those tools as well to make the same kind of outcome in distressed buildings, realize better futures for the tenants who live in those buildings, and can use that in conversations with owners in terms of coming up with different succession plans.
1:06:17
So while neighborhood pillars as a statement and as a tool is very important, we still have continued to have preservation term sheets, New York acquisition fund, other tools where we were making that work happen in real time either through conversations with owners, through our housing litigation work and other streams.
1:06:40
And then as far as Can I just pin
1:06:45
So I don't know if we've we can come back to you with How
1:06:54
So in this particular term sheet we think maybe a hundred, but in the work that we're doing overall
1:07:02
A hundred units.
1:07:03
But in the work that we are doing to take distressed buildings, put them in a better situation either through the current owner or with a non profit, That's where you're doing millions of dollars of tens of millions of dollars of that work and that's gonna yield many more units.
1:07:19
And so you had asked about the term sheets.
1:07:21
We expect new preservation term sheets to be out fairly soon.
1:07:25
If not this month, in a couple weeks after.
1:07:27
We are expecting other term sheets to come out after that.
1:07:32
Open door.
1:07:34
We already put out the revised affordable neighborhood cooperative program, the ANCP term sheet.
1:07:40
The new home first term sheet which covered different things.
1:07:43
But the preservation term sheets are the most germane to this conversation.
1:07:46
Those should be out.
1:07:47
Those also went through a year of meetings, at least 15 meetings, 70 stakeholders who are involved with that.
1:07:54
And to your last question, yes, you know, having older term sheets did create a lot of questions, but I do want to stress that when they come into our program, the project managers and the leadership in development finance are working with those owners and working with their team to make sure that we're funding those units at a level that adequately takes care of the job.
1:08:19
We're not going to fund something.
1:08:21
That's why we stress so much to make sure the scope is complete.
1:08:24
That's why we stress so much that any other resources that come into the project are there and sure so that the dollars that go into it from the public, the scopes that we developed, and the outcomes that we expected all happen.
1:08:37
And so that is the information actually that we've used with our conversations with OMB to land those term sheets.
1:08:43
Those years of engagement and those outcomes is how we got to where we were gonna be in a couple weeks.
1:08:57
very hard thing to do.
Gardea Caphart
1:08:56
It's a