Assemblymember Linda B. Rosenthal (D/WF-Manhattan), Chair of the Assembly Committee on Housing.
Announced today that her legislation (A6655-A/S2985-C) to support the construction and rehabilitation of affordable housing has been signed into law. The law, known as the Housing Affordability, Resiliency and Energy Efficiency Investment Act (HAREEIA), modernizes the outdated loan authority and removes obstacles that have impeded the City’s Department of Housing Preservation and Development’s (HPD) ability to build and maintain affordable housing projects. The law was sponsored in the state Senate by Senator Brian Kavanagh.
“New York City is grappling with a worsening housing crisis and the archaic restrictions on its ability to make long-term affordable housing loans has only made matters worse,” said Assemblymember Linda B. Rosenthal. “With the signing of HAREEIA, we have given HPD the necessary tools to build energy-efficient and sustainable affordable housing while also preserving our existing housing stock.”
Prior to the signing of HAREEIA, HPD was limited to loan authorities created in the 1970s and 1980s. The loan terms, which have fallen far behind modern lending standards, have made it increasingly difficult to construct the housing needed by communities throughout New York City.
Under the previous loan authority, the Department was also prevented from making loans specifically for climate resiliency improvements, such as installing solar panels and elevating building foundations to prevent future flood damage. The growing need for non-residential facilities in our communities, such as childcare and senior centers, was also hampered by outdated loan terms.
“We need housing that prioritizes the needs of our communities now and into the future,” said Assemblymember Linda B. Rosenthal. “These laws were written decades ago, at a time when there was no focus on building housing designed for climate resiliency or to meet the needs of our changing communities. This new law finally provides vital changes HPD has long sought.”
This legislation makes a series of updates to HPD’s loan authority, including increasing the lending term to 40 years with extensions, allowing loan authorities to finance the construction of non-residential facilities, providing the Department with needed flexibility to assist homeowners with necessary improvements, prioritizing climate resiliency and energy efficient building and more.
Photo credit: Source.
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