Your guide to NYC's public proceedings.
Q&A
Metrics for measuring success in homeownership programs
1:33:42
·
163 sec
Council Member Williams questions the metrics HPD uses to measure success in major homeownership programs, particularly focusing on the Opendoor program. Acting Commissioner Ahmed Tigani responds by outlining various approaches and measures of success.
- Preservation efforts for existing homeownership units, including multi-family co-ops and Mitchell-Lama buildings
- Expansion of programs like Home Fix and down payment assistance
- Creation of new opportunities through programs like Opendoor and ANCP
Nantasha M. Williams
1:33:42
Okay, what metrics does HPD use to measure success in each of the major programs?
1:33:48
So in speaking to a lot of developers, like Opendoor really hasn't built any new substantive homeownership opportunities.
1:33:57
So how do you measure success of each program?
Ahmed Tigani
1:33:59
Well I think I would respectfully disagree and there are hundreds of units built with Opendoor and we have more projects in the pipeline.
1:34:08
It has been something that we because of the cost of new construction for homeownership, it's maybe two times or more the cost and the financing environment is more difficult than it was yesterday.
1:34:20
It's something that we primarily use on public sites because it allows us to control for one major cost which is the acquisition price.
1:34:28
The way we measure success multiple ways that we try to approach a homeownership work.
1:34:34
The first thing is just to retain and stabilize, you know, the tens of thousands of homeownership units we have in the city right now.
1:34:40
So a lot of our preservation dollars goes to support multi family co ops and one to four family homeowners.
1:34:46
On the multi family side, the preservation term sheets, J51 will also be a huge resource for that and we're seeing a lot of interest from co ops on the J51 J51R program.
1:35:01
We are also again, Mitchell Lama is a big piece of this.
1:35:05
So two thirds of our home ownership stock is Mitchell Lama.
1:35:08
So both the funding that we put in in our Mitchell Lama buildings plus now there's some additional funding from the state will be a big part of how we see that work move forward.
1:35:18
So that's thousands of units and part of what we look at when we're looking at what our preservation goals are.
1:35:24
On the homeownership side, the Home Fix program and relaunching that program, expanding the number of services we work with, that's a big part of how we define success on our one to four family work plus a number of other resiliency programs that we've been able to benefit from using federal funds at different points over the last couple of years.
1:35:44
Increasing access has been very huge, showed down payment assistance going from $40,000 a household to $100,000 a household, both the city and the state, and then being able to double that funds.
1:35:57
Again, support from the city council through City of Yes from 41 to $82,000,000 that will double the number of families that we help, And then creating new opportunities which is both a mix of open door, but we really want to move forward with the remaining 60 or so buildings in the ANCP program.
1:36:15
We just put out a new term sheet which we think respond to a lot of the issues we heard and would really appreciate the support of the council members in those districts to get A and C.