Council Member Riley on capital funding dedicated to Mitchell-Lamas

Councilmember Riley, followed by Banks.

Thank you, Chair.

Good afternoon, everyone.

Thank you for being here today.

I just want to share the same sentiments as Councilmember Dinowitz.

I think Tracy Towers, a lot of residents are truly afraid right now.

They don't know what's going to happen with these increases.

So I think that's where you hear the passion and you see a lot of the residents that are here today.

The administration has committed hundreds of millions of dollars in FY27 and FY28 for capital improvements.

How much money is specifically dedicated to city-supervised Mitchell-Lamas, and how were those developments selected, and how much will that investment reduce projected resident increases?

So we don't break out our total preservation budget by the Mitchell Lama stock versus other types of affordable housing stock that come through our pipeline.

Whenever there's a Mitchell Lama development in our development pipeline, we work as quickly as possible to close on financing.

Sometimes it can take some time.

Some quite some time because of the pre-development activities that are required to get ready for the loan closing.

Doing the IP&A for a large development,

usually takes quite some time.

Then you have to hire a design team to be able to put together the scope of work and drawings.

Then we have to get approvals from DOB.

The project has to be competitively bid to a contractor.

And then, as you can imagine, we have a lot of due diligence that we put people through to get through a loan closing.

So all of that can stretch out.

The development timeline for some folks, but we work in tandem and closely with the housing companies to get them through that development process as quickly as possible.