Good morning and welcome to the New York City Council Subcommittee hearing for landmarks, public studying resiliency, and disposition.

At this time, please put all devices on silent.

If you wish to testify, please see one of the sergeant of arms.

At this time, no one should approach the DS Chair.

You may begin.

Good morning.

Welcome to a meeting of the Subcommittee on Landmarks, Public Sighting, Resiliency and Dispositions.

I'm Councilmember Christopher Marte and I'm the chair of the subcommittee.

I'm joined today by my colleagues, Councilmember Wilson, Councilmember Ose, Councilmember Delarosa.

Before we begin today's agenda, I will remind everyone that this meeting is being held in hybrid format for members of the public who wish to testify remotely.

We ask that you first register online and you may do so now by visiting www.council.nyc.gov slash land use to sign up and then sign into the Zoom and remain signed on until you have testified.

For anyone with us here today in person and wishing to testify, if you have not already done so, please see one of the sergeant of arms to fill out a speaker card and we will call your name at the appropriate time.

For anyone wishing to submit written testimony on the items being heard today, we ask that you please send it via email to land use testimony at Council.nyc.gov, including the LU number and or project name in the subject line of your email.

Video and audio testimony will not be accepted.

I remind members of the public that this is a governmental proceeding and that the quorum shall be observed at all times.

As such, members of the public shall remain silent unless and until called to testify.

The witness table is reserved for people who wish to testify.

No video recording or photography is allowed from the witness table.

Further, members of the public may not present audio or video recording as testimony, but may submit transcript of such recordings to the sergeant for inclusion in the hearing record.

On today's agenda, we have a hearing on three landmarks application and one application by HPD.

I now open the public hearing for preconsider L use for an application by New York City Department of Housing and Preservation and Development for 511 West 171st Street Cluster Project for an urban development action area project UDAP approval pursuant to the section 691 of the general municipal law and the approval of a 40-year Article 11 tax exemption pursuant to section 5 577 of the private housing finance law.

These actions will facilitate the rehabilitation of three buildings with 50 units in Washington Heights neighborhood of Manhattan in Councilmember Delarosa's district.

Thank you, Chair.

I strongly support this application.

These units will convert to cooperative ownership.

Our existing households and 14 will be first-time home ownership purchasing vacant units.

This project will ensure affordable home ownership and uh will make sure that existing tenants uh are able to finally own their apartments.

And so I wanted to express my support for this project today.

Thank you.

Thank you, Councilmember.

Appearing today on this panel is Shams Al Kafaji, Michael McCarthy, Ariel Rowling.

Those wishing to testify remotely must register online by visiting council website at council.nyc.gob slash land use.

Panelists, please ensure that your microphone is on.

Council, will you please administer the affirmation?

Um, panelists, would you please raise your right hand and state your name for the record?

Ariel Rawlings.

Shamsalkafaji.

Michael McCarthy.

And do you affirm to tell the truth, the whole truth, and nothing but the truth in your testimony before the subcommittee and an answer to all council member questions?

Awesome.

You may begin.

Hi everyone.

My name is Shamsalgafaji, and I'm a senior project manager with HPD's Affordable Neighborhood Cooperative Program, or ANCP.

First, I would like to thank the subcommittee on landmarks, public sightings, and resiliency and dispositions for your time today.

This morning I'll be speaking on 511 West 171st Street Cluster, which is a proposal to rehabilitate three buildings in Washington Heights under HPD's ANCP.

Next slide, please.

This project comprises of three buildings, 511 West 171st Street, 522 West 174th Street, and 501 West 174th Street.

The project sponsor is Lumley and Wolf Companies, the construction lender's low income investment fund or LIF.

There are 50 units total in these buildings, 36 of which are occupied or existing households, and 14 are vacant and will be first-time home buyers.

The sales prices for the existing residents will be $2,500 or $250 for qualifying residents who earn under 80% of the area median income or AMI.

The sales prices for the vacant units will be affordable to 80% AMI households.

The monthly maintenance is set per square foot so that the building income will cover at least 105% of the projected building expenses.

The expected closing date for this project is September 2026, and here you'll see a breakdown of the post-rehab unit sizes where there will be three one bedrooms, 14 two bedrooms, and 33 three bedrooms.

Next slide, please.

The purpose of this program is to gut renovate the tenant interim lease or till buildings and to enable the 36 existing households to become homeowners.

The structure of this program will be a collaboration between a sponsor, Lumley and Wolf, of whom we have Mike McCarthy today, partnering with HPD.

The sponsor will manage the building during construction and throughout the conversion process.

During construction, the nonprofit restoring communities HDFC will own the building to prevent any potential conflicts of interest with the sponsor.

Upon conversion, the building will be owned and managed by the residents of the buildings, including the existing residents and the new purchasers of the currently vacant residents or vacant units, excuse me.

The requirements for the buildings to convert to cooperatives are to have 80% of existing residents attend to at least eight co-op success trainings, which will be provided during the construction period.