Council Member Farías asks HPD about new safeguards to prevent steep increases
Farías asks whether the administration has planned new reporting and monitoring safeguards to prevent situations like Jamie Towers. Phillips discusses J51, SCRI income cap expansion, and Section 8 advocacy.
I'm now going to turn to my line of questioning chair.
Has the administration put into inception or at least plan to provide new safeguards such as reporting and monitoring to ensure that the example I gave at Jamie Towers does not occur and maintenance charges can keep up with the requirements?
So like I said before, we continuously review every development's financials.
And as we, we're still looking for more tools in the operating expense toolbox, right?
J51 paired with capital improvements, the J51 benefit could really go a long way to help mitigate the increase of rent or maintenance fees.
That's where we want to continue to look for more resources and to try to get a little bit more innovative.
On the income side, SCRI injury are tools that we already have.
The increase at the state level for SCRI from $50,000 to a $75,000 limit, once that's enacted on the local level, that should be able to help some of the seniors who are on fixed incomes.
They might not have been eligible before, but they will be eligible going forward as long as they earn less than $75,000.
And then lastly, again, it's the question of the operating subsidy, right?
Like if we can advocate for more Section 8, that can ensure that households are better able to absorb the increases.