From City Limits: Opinion: Use NYC’s Public Pension Funds to Supercharge Affordable Housing Production and Preservation ‘The next mayor and comptroller can speed New York City’s recovery by working with public employee pension funds to increase investment in affordable housing, as they have in response to previous economic distress.’
By Michael D. Lappin
February 4, 2021
Today’s historically low interest rates create an extraordinary opportunity to repair and stabilize vulnerable affordable housing. A new program, let’s call it Rehab Plus (RP), patterned after successful preservation efforts of a generation ago, can shore up low and moderate income housing, create thousands of jobs, and provide a needed stimulus to help restore the City’s economy. For residents it means safe and secure housing for years to come.
Rehab Plus would provide monies for essential repairs by combining today’s low cost private financing (long-term rates are in the mid-3% range), with a modest amount of 1% publicly subsidized subordinate loans and real estate tax relief. City or State mortgage insurance is available for eligible mortgage loans. The program would be targeted to apartment buildings where average rents are affordable to lower income and working families of the City. In order to reach as many buildings as possible, the program’s processing would be streamlined to make it easily accessible to small building owners.
Continue reading A Public-Private Stimulus Program for the City to Preserve Affordable Housing Creating Thousands of Jobs and Building a Bridge to The City’s Recovery. A Program for This Mayor and the Next.
New funding and subsidies practically beg the Mayor to build affordable senior housing on NYCHA-owned land
Rehabilitation of Parkchester to preserve affordability was a cooperative effort between a new sponsor, lenders, residents, clergy and government. https://citylimits.org/2018/08/22/cityviews-the-lessons-we-learned-from-saving-parkchester/
New York City is beset with challenges in its affordable-housing policy. Efforts to upzone neighborhoods and mandate affordable units in those areas have been met with skepticism as residents fear that gentrification will outweigh any increased odds of obtaining a low-cost apartment…
Read at http://www.crainsnewyork.com/article/20151223/OPINION/151229973/geeky-solutions-for-affordable-housing
NEW AFFORDABLE RENTAL HOUSING FOR NEW YORK CITY: A Program for Large Numbers of Small Buildings
This paper originally prepared in 2014 as a recommendation for the in-coming DiBlasio administration is being updated as a recommendation for the up-coming new administration.
By Michael Lappin and Mark Willis
Download the paper here.
New York Times: Residential Real Estate; Park Slope Walk-Up Revival May Signal New Rental Era
The four-story walk-up is a form of housing not often produced in New York City any longer. But two new side-by-side walk-ups in Park Slope, Brooklyn, may lead the way to resurrecting it for rental housing designed for moderate-income tenants throughout the city…
Read at http://www.nytimes.com/2004/01/16/nyregion/residential-real-estate-park-slope-walk-up-revival-may-signal-new-rental-era.html
Today’s low interest rates provide a window of opportunity for urban communities to take a bold step to increase the energy efficiency of their privately owned apartment buildings. Maturing 5- and 10-year mortgages can now be refinanced at interest rates that are 100 to 150 basis points lower, creating the potential for additional investments in these properties. Read Article