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State of New York City's Subsidized Housing: 2011

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State of New York City's Subsidized Housing: 2011 FURMAN CENTER F OR REAL ESTATE & URBAN POLICY N EW YORK UNIVERSITY school of law • wagner school of public service State of New York City’s Subsidized Housing: 2 011 State of New York City’s subsidized housing: 2011 Executive Summary ...............................................6 section 1. introduction ..........................................9 section 2. hud financing and insurance ............. 20 Section 3. HUD Project-based Rental Assistance ... 28 Section 4. Mitchell-Lama ..................................... 35 Section 5. Low-Income Housing Tax Credits .......... 42 section 6. state of subsidized housing: Preservation Opportunities .................................. 48 List of Acronyms ................................................ 54 state of new York citY’s subsidized housing: 2011 2 Acknowledgments Authors Research Assistance Special Thanks Advisory Committee Jaclene Begley and Support Caroline Bhalla Victor Bach Caitlyn Brazill Ken Adler Allegra Glashausser John Cicero Vincent Reina Brice Chaney John Krauss Toby Halliday Max Weselcouch Maxwell Harris Stephen Roberts Deb Howard Tyler Jaeckel Michael Williams John Kelly Editors Matthew Murphy Robert Knakal Vicki Been Sajan Ravindran Funders Sam Marks Ingrid Gould Ellen Paul Salama The John D. and Catherine Vincent O’Donnell Sarah Gerecke Rushin Shah T. MacArthur Foundation Danilo Pelletiere Jerry Salama Samantha Wright The F.B. Heron Foundation Abby Jo Sigal Hayley Wynn Herbert Z. Gold (’40) Additionally, the Furman Center and its Institute for Affordable Housing Policy would like to thank the many people who contributed data, time, editorial assistance and feedback on the report and the database: Jeff Adams, Dawn St. Clair Bodden, Elaine Calos, David Chase, Azavea NYS Homes and NYC Department of U.S. Department of Community Renewal Housing Preservation Housing & Urban Christopher Allred, and Development Development NYC Department of Katy Bordonaro, Housing Preservation Prep for Prep William Carbine, Robert Cheetham, and Development NYC Department of Azavea Raphael Bostic, Housing Preservation Priscilla Almodovar, U.S. Department of Joseph Cicciu, and Development JP Morgan Chase, Housing & Urban Belmont Arthur LDC Community Development Development Adolfo Carrion, Mandy Clarke, Banking U.S. Department of Isabelle Brantley, U.S. Department of Housing & Urban Douglas Apple, NYC Department of Housing & Urban Development NYC Department of Housing Preservation Development Housing Preservation and Development Rafael Cestero, Miriam Colon, and Development L+M Development Partners Bill Brauner, NYC Department of Cynthia Barton, Community Economic Francia Chandler, Housing Preservation New York City Office of Development Assistance NYC Department of and Development Emergency Management Corporation Housing Preservation Henry Comas, and Development Joshua Bloodworth, Craig Brown, U.S. Department of Bryant Burgher Jaffe & Duval and Stachenfeld LLP Arlo Chase, Housing & Urban Roberts LLP Alembic Development Development Jim Buckley, Corporation University Neighborhood Housing Program state of new York citY’s subsidized housing: 2011 3 Hannah Creeley, Adam Glantz, Becky Koepnick, Richmond McCurnin, NYC Department of U.S. Department of U.S. Department of NYS Homes and Housing Preservation Housing & Urban Housing & Urban Community Renewal and Development Development Development Matt McFarland, Yelena Dayen, Emily Goldstein, Drew Kiriazides, Azavea NYC Department of Tenants and Neighbors Pratt Area Community Sean McGinnis, Housing Preservation Council Stephanie Green, Azavea and Development West Side Federation for Annie Koo, Marc Migliacci, Megan DeCrappeo, Senior and Supportive NYC Department of NYC Department of National Low Income Housing, Inc. Housing Preservation Housing Preservation Housing Coalition and Development Elizabeth Greenstein, and Development Annemarie DiCola, NYC Department of Rebecca Koopman, Peter Monica, Trepp, LLC Housing Preservation WHEDCo NYU School of Law and Development Tom Delaney, Brian Lawlor, David Muniz, New York University John Griffin, NYS Homes and NYS Homes and NYC Department of Community Renewal Lisa Deller, Community Renewal Housing Preservation (formerly) National Equity Fund and Development Vito Mustaciuolo, Jonah Lee, David Dietrich, NYC Department of Rachel Grossman, NYC Housing Development NYS Homes and Housing Preservation Wachovia Capital Corporation Community Renewal and Development Markets LLC Dina Levy, Shaun Donovan, Urmas Naeris, David Hanzel, United Homesteading U.S. Department of NYC Housing Association of Neighborhood Assistance Board Housing & Urban Development Corporation Housing Developers Development Rhonda Lewis, Donald Notice, Mitchell Hill, Bridge Street Development Tolga Ergunay, West Harlem Troutman Sanders Corporation New York University Group Assistance Chip Hitchens, Ariel Lipper, Rachel Fee, Aaron Ogle, Azavea NYC Department of NYC Department of Azavea Housing Preservation Housing Preservation Sarah Hovde, and Development Susan O’Neill, and Development LISC New York City NYC Housing Development Angela Lowery, Thomas Fink, Delores Jacobs, Corporation NYC Department of Trepp, LLC NYC Department of Housing Preservation Cheryl Pahaham, Housing Preservation Veronica Flanders, and Development Community Board 12, and Development NYS Homes and Manhattan Yvette Lugo, Community Renewal Marc Jahr, U.S. Department of Molly Park, NYC Housing Development Richard Froelich, Housing & Urban NYC Department of Corporation NYC Department of Development Housing Preservation Housing Preservation Leora Jontef, and Development Peter Madden, and Development NYC Department of NYC Department of Erika Poethig, Housing Preservation Elizabeth Gaumer, Housing Preservation U.S. Department of and Development NYC Department of and Development Housing & Urban Housing Preservation Edward Josephson, Development Kaye Matheny, and Development South Brooklyn Legal Services NYC Department of Ann Ray, Terry Gigliello, Gregory Jost, Housing Preservation Shimberg Center, NYC Department of University Neighborhood and Development University of Florida Housing Preservation Housing Program John McCarthy, Gary Rodney, and Development Sydelle Knepper, Community Preservation Omni New York LLC SKA Marin Corporation ACKNOWLEDGMENTS state of new York citY’s subsidized housing: 2011 4 L. Nicolas Ronderos, Gary Sloman, Mijo Vodopic, Eric Williams, Regional Plan Association NYC Department of John D. and Catherine T. NYS Homes and Housing Preservation MacArthur Foundation Community Renewal Maggie Russell-Ciardi, and Development Tenants & Neighbors Alfred Walcott, Joy Willig, Ismene Speliotis, NYS Homes and NYS Homes and AnnMarie Santiago, MHANY Management Inc. Community Renewal Community Renewal NYC Department of (formerly) Housing Preservation David Stein, Julie Walpert, and Development Empire State Development NYC Department of Ben Winter, Corporation Housing Preservation U.S. Department of Renee Schoonbeek, and Development Housing & Urban Hudson Square Connection Lydia Taghavi, Development U.S. Department of David Walsh, Denise Scott, Housing & Urban NYS Homes and Christina Wray, LISC New York City Development Community Renewal NYC Department of Ellen Seitz, Housing Preservation Joan Tally, Mathew Wambua, NYS Homes and and Development NYC Housing Development NYC Department of Community Renewal Corporation Housing Preservation Sheena Wright, Victoria Shire, and Development Abyssinian Development Todd Trehubenko, Enterprise Community Corporation Recap Real Estate Advisors Tom Waters, Partners, Inc Community Service Society Stacie Young, Monica Valente, Joseph Singleton, of New York Community Investment NY State Assembly NYC Department of Corporation Robin Weinstein, Environmental Protection Deborah VanAmerongen, NYC Department of Thomas Yu, Nixon Peabody Martin Siroka, Housing Preservation Downtown Manhattan CDC, Bingham McCutchen RuthAnne Visnauskas, and Development Affiliate of Asian Americans NYC Department of for Equality Michael Skrebutenas, Gerard Wickham, Housing Preservation NYS Homes and Community NYS Homes and Elizabeth Zeldin, and Development Renewal Community Renewal Enterprise Community Partners, Inc. All photos: L. Racioppo/New York City Department of Housing Preservation and Development ACKNOWLEDGMENTS state of new York citY’s subsidized housing: 2011 5 Executive Summary Historically, families with low and moderate incomes have struggled to find affordable housing in New York City, and this challenge has only grown in recent years. Indeed, household incomes remained essentially stagnant between 1970 and 2010, while reported rents nearly doubled. To reduce the burden that households face, the city, state, and federal governments have employed numerous programs to encourage pri- vate developers to own and manage affordable housing developments in exchange for government subsidies. More than 171,000 New York City households currently depend on these subsidies to ensure that their monthly rent remains affordable. Housing subsidies, and the accompanying rent or income Twenty-nine percent of the units subsidized through these limits intended to ensure that the housing is affordable, typi- four program categories receive financing from multiple pro- cally expire after a set time period, allowing the property grams, and each subsidy may have a different expiration date, owner to convert the units to market rate rent. Until now, different rent and income limitations, and different regulato- most information about the subsidies has been housed in in- ry agencies
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