Chair Sanchez on capital need costs and monitoring building conditions post-increase
Sanchez asks for a roll-up of capital needs costs from the 48 IPNAs and how HPD monitors whether rent increases translate into improved conditions. Phillips describes monthly construction monitoring and HPD's oversight role.
The rest of them are?
Six are currently in the process, and we help them to facilitate that conversation with NYSERDA.
So 48 IPNAs completed since 2020.
Do you have a roll-up number of the cost of the capital need in these 48 developments?
We can get that to you.
Thank you.
And then last question before going back to Chair Lee.
How does HPD monitor whether rent and carrying charge increases or the work that you finance is translating into improvements in building conditions?
So the capital work is overseen by the private lender and by HPD.
So monthly, when construction's happening, they have to requisition for construction loan funds, and the architect, the contractor, and a representative from the bank have to sign off that work was adequately done, and then the funds are released to pay for that work.
So every month during construction, we have folks going out to ensure that the work is being done per the scope of work and drawings.