Commissioner Levy on landlord support: insurance program, tools program, tenant association partnerships

While enforcement is a top priority, HPD is fully committed to supporting well-intentioned landlords who are struggling to maintain their buildings in light of escalating operating costs such as insurance and ongoing challenges with rent collection.

As previously discussed, we have issued a request for expressions of interest to identify a partner for a $100 million city-backed insurance program.

As of the August deadline, we have received 22 responses, and we are on track to select one or more partners by the end of the calendar year.

Our goal will be to insure 20,000 homes by the end of next year,

and 100,000 homes by the end of next year.

100,000 homes by 2030.

We have also launched the tools program which allows HPD regulated building owners to request low or no cost interventions to help stabilize and improve the physical and financial health of these buildings.

That includes expedited access to building reserves, comprehensive code violation clearance, and pro bono technical assistance offered by three partnering organizations, Enterprise, LISC, and the New York City Housing Partnership.

Lastly, we have been collaborating with organized tenant associations to advance acquisition and rehabilitation of at-risk rent-stabilized portfolios, particularly those facing bankruptcy and foreclosure.

Using existing HPD preservation tools, we are working with tenant-supported preservation buyers whose interventions will restore stability and bring long-term affordability back to hundreds of units of rent-stabilized housing.