NYHC released a policy brief analyzing the costs to the City of delays in affordable housing production. The analysis included a survey of affordable housing developers to understand the development process delays and associated costs. We received responses for 21 affordable housing projects representing 4,700 units from for-profit and non-profit developers across New York City at all stages of development. Projects were both new construction and preservation.
The survey found that the average loan processing time was nearly four years and delays are costing projects, and therefore costing the City, over $1 million.
The analysis found that 62% of participants cited HPD staffing as the main reason for the project delays. Other reasons cited for project delays: Marketing; OMB Review; Interagency Review (DOB, DEP, FDNY, BSA, etc.); HPD BLDS review process; and ULURP.