Chair Lee on HPD capital spending changes since preliminary budget
Lee asks about changes to capital spending since the preliminary budget and how much has been utilized for Mitchell-Lama preservation in FY25-26. Phillips reports the total preservation budget for FY27 is $1.32 billion.
And during the FY27 preliminary budget hearing, HPD had testified that the agency has, as the Speaker mentioned, spent $1.1 billion for Mitchell Llamas over the past 10 years.
And has the amount of capital spending changed since the preliminary budget?
And how much capital funding has been utilized for Mitchell Lama preservation in FY25 and 26?
So the total preservation budget for fiscal year 27 is 1.2, excuse me, $1.32 billion.
And of that, Mitchell Lama Developments will benefit and will receive some of that.
Okay, do you know how much?
We...
Yeah, so we're expected to preserve in fiscal years 27 to 28 about 2,800 units plus or minus.
It'll depend on the overall capital needs and the overall construction costs as we get closer to closing.
Okay.