Council Member Brewer presents Res 387 on affordable housing insurance crisis
Brewer explains that insurance for affordable housing is a major challenge to making term sheets work, describes a proposed state relief fund program to provide grants for commercial insurance expenses, and mentions a task force to address the affordable housing insurance crisis and improve availability and pricing.
Thank you very much, Chair.
I think you have made it very clear that insurance, particularly for affordable housing, is incredibly challenging.
I know that many people have tried to address this, and I can't say it's been successful.
So to the credit of those in Albany, they are trying to create a fund.
It would be a fund for affordable housing insurance.
It would be a relief fund program to provide grants.
To eligible projects for reasonable and necessary commercial insurance expenses.
Right now, as you know, if you build affordable housing, insurance is one of your biggest challenges to making the term sheets work.
Also part of this legislation will be a task force.
To address the affordable housing insurance crisis and to improve availability and pricing.
All of this is very challenging, but I think we have to give it our best efforts, and I look forward to...
hopefully some positive outcomes.
Thank you very much.