Chair Lee on HPD monitoring of delinquent properties
Lee asks how HPD monitors delinquencies and what happens when a property is delinquent. Phillips describes reviewing financials, engaging housing companies on balanced budgets, and using it as a jumping-off point for capital work.
And considering the delinquencies are a red flag for the financial distress, how does HPD monitor these delinquencies and what do you do when you see the property is delinquent?
Delinquent for municipal property taxes?
Yeah.
So when we review the income and expense statements and the audits, we'll immediately see if there's property tax arrears or any other kind of municipal arrears.
And that's, we'll continue to engage with the housing company to ensure that they're going to put together a balanced budget and then start talking about what the increase would look like to satisfy the arrears.
And we also use that as a jumping off point to figure out what kind of capital work can we address at the same time.
Okay.