Council Member Wong on Article 5 co-op eligibility for capital funds

Councilmember Wilson, followed by Epstein.

Thank you, Chairs.

So I appreciate the commitment and attention to Michelamos, particularly as outlined in the block-by-block plan and the millions of capital dollars committed.

I do have a question about Article 5 co-ops.

So I have in my district Penn South, which is nearly 3,000 units of the housing.

It's often mistaken for a Mitchell Loma, but it's actually not.

It's governed in a very similar way.

But the way the provisions are written right now, they don't have access to the capital funds.

So I'm curious, how do Article 5 redevelopment co-ops fit into the plan for...

So they can apply through HPD's preservation pipeline like any other affordable housing development.

Regardless of, you know, incorporated under Article 2, Article 11, Article 5, they're eligible for city capital funds.

So we would urge the development to put together a loan application with an IPNA to work.

Through our pipeline.

So they're not excluded.

Not to my knowledge, no.

Okay.

That's good news.

They thought they were.

There's a win.

That's it.

I just had one question.

Thank you.

Great.