Speaker Menin asks about Mitchell-Lama eligibility for city-backed insurance program
Menin asks whether Mitchell-Lamas will be eligible for the $100M city-backed insurance program in the FY27 budget. Phillips confirms yes, and hopes it will lower premiums market-wide. Menin notes the Council's pending insurance accountability bill.
Okay, one last question before I pass it over to my colleagues.
So in the fiscal 2027 executive budget, $100 million was added to support a city-backed insurance program.
Will Mitchell-Lamas be eligible for the city-backed insurance program?
Yeah, absolutely.
And more broadly, we're hoping that the insurance plan will not only benefit the units.
or the owners that go into the program, we're hoping that it'll move the needle on the entire market and lower premiums for everybody.
That is the intent, is to lower insurance premiums for any project, not just the ones that enroll into the program.
Yeah, and I mean, I would note we are about to pass in the city council our insurance accountability bill, which sets up a new first-in-the-nation insurance accountability office to lower premiums.
So we look forward to working with the administration on that.
Okay, let me pass it back over to...