Council Member Epstein on matching capital dollars and forgivable loans for Mitchell-Lamas
Epstein asks why HPD doesn't match council members' Reso A capital dollars and why not offer forgivable loans. Phillips says HPD usually puts in far more than matching amounts and the loans defer and accrue. Epstein raises it as a roundtable topic.
us to use our res away money why not have HPD matches we put a million you put a million and we all walk away happy why not do that we do that for night show
we do that government money comes in for night show we put money in for night show why not like me just halfway and do some free money for Mitchell Alamas too
Yeah, so we usually do far more than a couple million dollars, right?
When we do a preservation outcome or a larger recapitalization, we're usually putting in a lot of city capital.
But this is loans, not grants.
They're loans, but they're structured on what the project is able to pay.
So I think in the case of Tracy Towers, we're not requiring any payments on the HPD debt.
It'll defer and accrue.
So you're willing to give forgivable loans in these situations?
They're not forgivable.
They'll balloon at the end, but there's no principal and interest payments due.
And why not do forgivable loans?
I don't think that's within our...
I mean, that's a larger question that I don't know if I'm fully able to answer at the moment.
Another roundtable conversation.
I love this.
Roundtable, too.
More opportunities.
I'd love to see the city give more money to help Mitchell Llamas.
We know they need the money.
We want to help them as much as possible.
I'm just a little concerned that we're not using all the tools in our tool belt.
Did you say you're going to help advocate next year to reduce the shelter rent tax to zero?
I didn't know if you sent that response.
I don't think I said that.
Okay.
Can you say that?
I don't think I said that.
Will you say that?
J51 is a...
A really, really good tool to pair with capital improvements.
It sounds like another conversation to have.