Capital Project Update
Although last month the NYS Division of Budget released Budget Bulletin B-1223 “pausing” all existing capital projects including supportive/affordable projects, the DOB has approved all OTDA HHAP and HCR 9% capital projects that have award letters to move toward closing. It is unclear at this time how future projects will be impacted.
The City of New York generously donated several shipments of Personal Protective Equipment to the supportive housing community for tenants and staff which the Network and Breaking Ground’s Michael Rosen have been distributing.
Network Executive Director Laura Mascuch, along with a number of our member agencies, testified about proposed cuts to HPD’s capital budget at the City Council Subcommittee on Capital Budget and Finance hearing May 21st.
On May 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a final rule to change the regulations implementing the Community Reinvestment Act (CRA), notably without support from the Federal Deposit Insurance Corporation (FDIC) or Federal Reserve.
House Speaker Pelosi announced a $3 trillion stimulus bill, HEROES Act on May 15th. This comprehensive package embraces all of our top priorities, including: