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HPD Puts Important Affordability Details in Place
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Some important policy steps come in the form of a big announcement, and some come in the form of the well-planned implementation of policy details. Last week, the Department of Housing Preservation and Development (HPD) announced a small, but important, policy shift on the marketing of city-sponsored affordable housing units.
Some important policy steps come in the form of a big announcement, and some come in the form of the well-planned implementation of policy details. Last week, the Department of Housing Preservation and Development (HPD) announced a small, but important, policy shift on the marketing of city-sponsored affordable housing units. Currently, HPD monitors only the initial rent-up of an affordable housing development – after this, the oversight ends. But last week, the city announced that they would have the marketing process overseen by the Division of Asset & Property Management, which is responsible for the long-term stability of our affordable housing stock. And they also announced they would start the process toward eventually monitoring the re-renting of these units after a tenant vacancy. In short, the city is shifting to a more long-term view when it comes to making sure our affordable housing is rented out effectively and fairly.
This could have a big impact. Affordable housing is supposed to remain that way, even after the first tenant moves out, and often the owner has to know that the city is watching to make sure that the rules are followed.
Instituting long-term and permanent affordability is something that requires real resources to accomplish – but is an integral part of making sure the vibrant, mixed-income neighborhoods we build continue to provide opportunities for affordable housing not just for this generation of New Yorkers, but also for those to come.Already the city has implemented some big steps toward this – requiring 60 years of affordability for 9% tax credit deals, committing to permanent affordability for its new Mandatory Inclusionary Zoning program, and this recently announced monitoring change in the re-marketing of our affordable housing. There is, of course, more that still needs to be done, most notably ending the practice of giving away public land for private development and instead leasing it for affordable housing development, ending all of the short-term affordable housing deals of just 30 years, and reforming the 421a program to ensure long-term affordability.
But working toward long-term and permanent affordability is something that requires serious thinking every step of the way. This administration has started off by showing that they’re committed to doing this work in pursuit of an important goal.