U.S. Public Housing Needs Exceed $21 Billion

Following the Department of Housing and Urban Development’s (HUD) recent award of $1.9 billion to public housing, a capital-needs assessment released today by Recap Real Estate Advisors finds that public housing needs in the United States exceed $21 billion. On-Site Insight, a Recap company, conducted the fieldwork along with Abt Associates, representing the most comprehensive capital-needs assessment of the nation’s public housing stock in more than 20 years. [ Read more...]

NYC Reaches Major Milestone in its Affordable Housing Plan

Mayor Michael R. Bloomberg, Deputy Mayor for Economic Development Robert K. Steel, Housing Preservation and Development Commissioner Mathew M. Wambua and New York City Housing Development Corporation (HDC) President Marc Jahr announced today the City has reached a major milestone in its affordable housing plan, the New Housing Marketplace Plan.  New York City is now three-quarters of the way towards completing Mayor Bloomberg’s goal of creating and preserving 165,000 units of affordable housing by the end of 2014. The City invested $1.3 billion and financed 15,827 units of affordable housing for middle-class and low-income New Yorkers in Fiscal Year 2011, which ended June 30th.

[Continue reading...]

Consolidate Energy - NYC Benchmarking Information

Attached below is an information sheet in Q&A format describing the details of the NYC Local Law 84 – Benchmarking Compliance. This ordinance was passed in 2009 and requires that any building (commercial or residential) over 50,000 square feet must be “benchmarked” for energy usage and space attributes starting in calendar year 2010 and every year thereafter by May 1.

A property is subject to NYC Local Law 84 if it includes:

1 building more than 50,000 gross square feet

2 or more buildings on the same tax lot that together total more than 100,000 gross square feet

2 or more buildings held in condominium ownership that are governed by the same board of managers and that together exceed 100,000 gross square feet

Using the online tool, Portfolio Manager (managed by the EPA), a property owner is responsible for inputting the whole building’s energy usage for the prior calendar year.  The usage has to be reported by type of energy (electric, gas, etc.).  The owner will also have to provide the building’s gross square area and a breakdown of the square area by space use type.  If a non-residential tenant has its own utility meter, the owner must send them a “Benchmarking Non-Residential Tenant Information Collection Form” to fill out.

Owners have until August 1, 2011 to comply and every May 1^st thereafter.

  

If owners or property managers have questions, they can go to the PlaNYC site - http://www.nyc.gov/html/planyc2030/html/about/ggbp.shtml#know – or contact DOB’s Benchmarking Help Center by calling 311 or emailing sustainability@buildings.nyc.gov.  The Benchmarking Help Center can help to set up an account with Portfolio Manager.

[Benchmarking Factsheet]

Important Changes to New York City Tax Lien Sale Statute

Beginning January 1, 2012, the City will have the authority to sell tax liens on HDFC rental properties.

[ Read full letter from Department of Housing Preservation & Development and Department of Finance]

421-a Extended without Prevailing Wage

The Senate and Assembly passed and the Governor signed into law, the omnibus housing bill, Chapter 97 of the Laws of 2011. In addition to extending rent regulation, and capping property taxes, the bill extends 421-a for four years - without the prevailing wage requirement first proposed in January this year. The final bill can be viewed at: http://www.assembly.state.ny.us/leg/?default_fld=&bn=A08518&term=2011&Summary=Y&Actions=Y&Text=Y.  The 421-a provisions can be found beginning on page 40.

[Source: NYSAFAH]

Update on HPD HDFC Directive

As you may be aware, the HPD Commissioner issued a letter on October 4^th, 2010 which set forth HPD’s position on several issues related to the operation of HDFCs (see enclosed “HPD HDFC Letter”).  This letter caused a great deal of confusion within the legal community which compelled our office, along with a small group of attorneys, to meet with HPD to confirm and clarify their position.

As a result of the meeting with HPD, we produced the enclosed presentation (see enclosed “Legal Interpretation”) which highlights Goldstein Hall’s interpretation of the central points in the HPD Commissioner’s Letter.

Further, we are pleased to announce the formation of our HDFC Practice Group, staffed with attorneys who are focused on serving the needs of the HDFC community.  The Practice Group offers services covering virtually all matters involving HDFCs, including corporate governance and litigation issues.    

If you have any questions about the letter or any other HDFC-related matter, please call me or Matthew Hall at 212-461-2338.  Or, send an e-mail to dgoldstein@goldsteinhall.com or mhall@goldsteinhall.com.

Goldstein Hall's Legal Interpretation of Letter from HPD Commissioner

1,400 Bronx housing units saved

More than 1,400 housing units in the Bronx will remain affordable, thanks in part to Enterprise Community Partners, a Maryland-based affordable housing nonprofit that recently helped to close the preservation deals.
One deal involves eight buildings with 526 units located in the West Farms section of the Bronx. The buildings are Section 8 affordable housing complexes which were built in 1973. In that case, property owner West Farms Square HDFC, an affiliate of the Catholic Archdiocese, partnered with Fordham Bedford Housing Corp. and University Neighborhood Housing Program to obtain more than $20.7 million in a tax credits to help rehab the buildings, said Enterprise, which is a partner in the deal. J.P. Morgan Chase & Co. was also involved in the deal.

[ Read More...]