Recently, Manhattan Borough President Mark Levine began offering a first-of-its kind housing financing training to members of Manhattan’s twelve community boards.
The training program, Understanding Housing Finance, provided participants with critical insights into the complex systems of affordable housing development and how it is financed in New York City.
“Our main goal in opening up this training to our community board membership is to provide them with the tools, knowledge, and context necessary to review and understand housing proposals brought to them by developers,” said Borough President Levine. “This is training not offered anywhere else in the Community Board system. We realized that in addition to appointing members committed to solving our housing crisis, we need to equip them with a deeper understanding of the systems and processes we have asked them to review.”
Led by NYU Schack Institute of Real Estate Dean Marc Norman and NYU faculty members Kendra Stensven and Ed Faustin, this training session included community board members from across the borough.
“What happens when banks stop lending …”
The more than 50 community board members in attendance gained an appreciation for, What are the cost components of developing and operating housing, which costs are variable or fixed, The cost to acquire land in Manhattan (up to over $1000 per square foot!), What external forces, such as changing interest rates and insurance costs, impact developers’ ability to finance housing., What happens when banks stop lending (such as in the 2008 housing market crash)? And How tax incentive programs such as 485x, 467m, and the federal Low Income Housing Tax Credit, make building and operating mixed-income and affordable housing feasible.
“We’re facing a housing crisis unlike anything we’ve seen in decades. This training is a critical piece of our comprehensive strategy to address the housing crisis,” continued BP Levine. “By providing our community boards with a deeper understanding of housing finance, we can work together to accelerate development and expand access to affordable housing for all Manhattanites.”
In response to New York City’s deepening housing crisis, Borough President Levine has been a proactive leader in addressing housing issues across Manhattan. His office has initiated multiple projects aimed at accelerating housing development and expanding access for all Manhattanites.
In early 2023, Levine published a report, Housing Manhattanites, identifying 171 potential development sites across the borough, where he pledged to fast-track approvals for affordable housing proposals.
“… ensure that members have a shared dedication …”
Beyond these targeted approvals, Levine actively collaborates with Manhattan’s community boards to ensure housing priorities are part of neighborhood planning. His office included a question about affordable housing priorities in this year’s community board application process to ensure that members have a shared dedication to addressing this urgent issue, and over 80% of new appointees identified prioritizing solving the housing shortage as their top priority.
The Understanding Housing Finance training is part of a larger series, dubbed the Manhattan Leadership Training Series, where his office provides board members tools, instruction, and best practices to community board members and engage everyday New Yorkers to learn more about the local government processes.
This virtual series, covering governance topics like equal employment opportunity, conflicts of interest, and implicit bias, empowers community leaders to make informed decisions aligned with Manhattan’s housing goals and local needs.
A recording of the training is available here.
Photo credit: HWM.
Become a Harlem Insider!
By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
