Chair Sherman responds on MIH affordability and deeper affordability tools

Thank you for your question.

And again, thank you for your efforts and planning work that's happening in Bay Ridge.

I recognize that in certain parts of the city, there is that tension based on the AMI and the MIH rent calculations where the affordable rents are very much in line or sometimes a little bit higher than what we're seeing in the existing housing stock.

We are seeing, though, that the MIH rents are still comparable to what would be new housing that's built or sometimes much more affordable, and they also carry that permanent affordability.

That being said, as I noted, at the commission, we certainly have the ability to make modifications and recommendations around the MIH levels that are selected.

I think also in your proactive planning process, I think that's also where there's an opportunity to lay out the intentions, but also the tools that may need to be at the table outside of MIH to get the deeper affordability.

And that was my next question was, is there a tool available in the arsenal if my proactive planning effort were to be successful where we could essentially...

You know, through the rezoning, strongly advise or force a deeper level of affordability.

Yeah, I think that there's, I think there's opportunity for that.

There's also, again, and I would defer to my colleague at HPD, other housing financing tools, right, that can be utilized.

I think the East New York example was shared earlier today, where we've achieved over 6,000 units, but really, really deep affordability.

That's a combination of MIH, but also city.

affordable housing tools, right?

There's a mix.

And so I think taking this proactive approach is helpful so that we could figure out the right mix in your community.