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NY/NY III Status Report. Presentation to the Network Board By Nicole Branca Supportive Housing Network of New York November 18, 2009. Updated 1.11.10. NY/NY III Capital Commitment. NYC HPD: 3,125 Units NYS DHCR: 1,000 Units NYS OTDA: 1,000 Units NYS OMH: 1,125 Units 6,250 Units.
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NY/NY III Status Report Presentation to the Network Board By Nicole Branca Supportive Housing Network of New York November 18, 2009 Updated 1.11.10
NY/NY III Capital Commitment • NYC HPD: 3,125 Units • NYS DHCR: 1,000 Units • NYS OTDA: 1,000 Units • NYS OMH: 1,125 Units 6,250 Units • + 2,750 Scattered Site Units • 9,000 Total Units
Capital Development at only 35% of Target • Methodology: Units are weighted by percentage of funding from each agency. • Units include projects in construction and expected to open by end of NYC FY’11
Assumptions for Following Analysis • Per Unit Rate = $275,000 • Inflation Factor = 3% • Avg. price of tax credits FY11-15 = $.84 • All funding needs to be expended by FY15 to open by the end of FY16. • HPD allocates 60% of its funding for supportive housing units, 40% for low-income. Budget projections include CTL, HOME and LIHTC equity. FY11 & FY12 include remaining High Service Need units. • OTDA allocates 55% of their supportive housing funding for NY/NY III, DHCR allocates 50%, and OMH has it’s own NY/NY III budget. • DHCR funding allocation based on 2008 supportive housing allocation (subsidy, HOME and LIHTC equity). HPD, OTDA and OMH funding levels taken from OMB and DOB capital plan documents.
HPD needs $200 million/year to meet their commitment • HPD will open 595 units by end of FY11. • HPD will have funded an estimated 938 units by end of FY10. • At their current budget level ($98.5 million) it would take HPD an additional 6 years (16 years in total) to complete their remaining 2,187 units. • To meet their 10-Year commitment (using the 60/40 model) HPD SHLP needs a total budget of $200million/year.* * Excluding funding needed for any prior City/State agreements.
OTDA needs $90 million/year to meet their commitment • OTDA will open 141 units by end of FY11. • OTDA will have funded an estimated 188 units by end of FY10. • At their current budget level ($30 million) it would take OTDA an additional 12 years (22 years in total) to complete their remaining 812 units. • To meet their 10-Year commitment (and not at the expense of statewide needs) OTDA needs $90 million/year.
DHCR needs $92 million/year to meet their commitment • DHCR will open 153 units by end of FY11. • DHCR will have funded 243 units by end of FY10. • At their current budget level ($43.1 million) it would take DHCR an additional 6 years (16 years in total) to complete their remaining 757 units. • To meet their 10-Year commitment (and not at the expense of statewide needs) DHCR needs to allocate $92 million/year from their Unified Funding.
OMH has sufficient funding but needs to increase construction starts from an average of 67 units/year to 158 units/year* • By the end of FY10, OMH will have approximately 334 funded NY/NYIII units open or in construction but the agency has dozens of buildings in the pipeline. • To meet their 10-Year commitment OMH needs to start construction on 158 NY/NY III units per year starting in FY11. This will cost the state an estimated $47.5 million/year. * OMH is the only state agency that was allocated additional capital funding for NY/NY III. The agency had $194 million in the FY’10 budget, enough funding for most of the remaining units.