HPD Puts Important Affordability Details in Place

Some important policy steps come in the form of a big announcement, and some come in the form of the well-planned implementation of policy details. Last week, the Department of Housing Preservation and Development (HPD) announced a small, but important, policy shift on the marketing of city-sponsored affordable housing units. Currently, HPD monitors only the initial rent-up of an affordable housing development – after this, the oversight ends. But last week, the city announced that they would have the marketing process overseen by the Division of Asset & Property Management, which is responsible for the long-term stability of our affordable housing stock.  And they also announced they would start the process toward eventually monitoring the re-renting of these units after a tenant vacancy. In short, the city is shifting to a more long-term view when it comes to making sure our affordable housing is rented out effectively and fairly.