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Showing posts with label Velmanette Montgomery. Show all posts
Showing posts with label Velmanette Montgomery. Show all posts
2.06.2012
EVENT ALERT: Saturday, February 11, 2012 NACA Home Save and First Time Homebuyer Seminars in Queens
By Gloria Dulan-Wilson
For those of us who were not fortunate enough to get to Atlanta for the massive NACA Homesave Program, NACA (Neighborhood Assistance Corporation of America) will be holding two FREE Home Save and First Time Homebuyer Workshop/Seminars in the Queens and Brooklyn Area.
On Saturday, February 11, at Mt. Zion Bishop Church 106-60 Union Hall Street, in Queens, NY (near York College), they will hold back to back seminars beginning at 10:00AM and ending at approximately 3:00PM.
These seminars are mandatory prerequisites to be able to receive the free assistance NACA provides.
For those who are facing foreclosure, regardless of what borough you reside in, it is imperative that you not procrastinate, or stand on false pride, or continue to hold out hope that your bank will suddenly see you as a human being and relent. You need to get help FAST! If it's not you, but you are aware of someone who is going through it, then urge them to make it their business to be there to get the assistance they need.
President Barack Obama is working to get the relief we need from the onslaught of banks who have served as predatory lenders and are now trying to take your home; while at the same time lying and saying they don't want them. And while he is dealing with a hostile Congress, and businesses that would rather bleed you dry than see you thrive, you need to go where the help is.
On the other hand, for those who realize that paying rent is a road paved to nowhere, there is no equity, there is no ownership; that you are paying the same money you would if you were paying your own mortgage, but at the end of the day you have no control over the property, NACA'S FIRST TIME HOME BUYER PROGRAM is the only one in the nation that provides you with free counseling, a completely pre-APPROVED loan; Free Down Payment, Free Closing Costs, and a Mortgage 1% below prime. It is indeed THE BEST MORTGAGE IN THE NATION.
Now is the time for you to make that move, while the prices of housing are down, and the interest rates are low. Don't wait or procrastinate until everything is perfect with you. There's no such thing, for one, and perfection is totally overrated for two.
Make it your business to become a homeowner this year. Release yourself from the shackles of being a tenant; you can own a one to four family home and become a landlord (who charges reasonable rents), and reap the benefits of tax deduction that ownership conveys.
New York State Housing Commissioner Darryl Towns recently revealed that over 1600 lis pendens (foreclosure notice) were sent out in Central Brooklyn alone, within the hast three weeks. What to do to save these homes was the topic at a meeting held by Assemblywoman and NY State Banking Commissioner Annette M. Robinson, at Bed Stuy Restoration on January 27th.
It has also been high on the radar of State Senator Velmanette Montgomery, who hosted Commissioner Towns at a round table discussion in late December. Both legislators concur that Brooklyn continues to be the hardest hit in foreclosures, followed closely by Queens, because both boroughs tended to have high home ownership ratios.
The scurrilous fact is that while rent is being pushed as the antidote for the housing crises, with so many landlords trying to gouge tenants for higher than normal rents - approximating what one would pay for a mortgage; and with needed employment being slow to the region, there appears to be no relief for those in the middle, who are once again caught in a vicious squeeze play.
Couple that with the pervasiveness of the recent economic downturn, which basically rolled over Brooklynites - employed and business owners alike, and there has been little in the way of the kinds of comprehensive remedies necessary to return these communities to stability.
As a result of the high foreclosure numbers in Brooklyn, NACA will be hosting a Home Save workshop on Saturday, March 11, 2012 in Brooklyn. The Brooklyn address has not been finalized, but owing to the overwhelming numbers, we are anticipating using either the Armory on Bedford and Union, or a facility with a similar capacity.
However, a word of caution to those of you in Brooklyn who need help now, please do not wait until the March 10 workshop. You must go where the help is - and right now that's Mt. Zion Bishop Church 106-60 Union Hall Street, in Queens, NY. Take the F Train to the last stop, and walk two blocks to the facility. It's across from York College. There will be NACA signs posted to guide you to the right destination.
Those of you who are unfamiliar with NACA can go online and learn first hand the story of how this stalwart organization was founded. In fact, someone needs to give NACA's Founder and CEO Bruce Marks and his dedicated NACA staff of NACA counselors, an award for having saved hundreds of thousands of homes throughout the United State, while at the same time providig those would not have had the wherewithal, homes of their own.
You owe it to yourselves, your family, your community to take advantage of these services, and to share the information with family and friends. Don't sit there and suffer in silence. And for those who know, make sure the rest are as well informed as you are.
NOW THAT YOU KNOW, WHAT ARE YOU GOING TO DO?
Stay Blessed &
ECLECTICALLY BLACK
Gloria Dulan-Wilson
Check out gloriadulanwilson.blogspot.com on BlackList.Net
9.14.2010
PRIMARY DAY IN NYC VOTE OR SHUT UP
by Gloria Dulan-Wilson
SO it’s finally here. Primary day in New York City. And all the candidates are lined up for battle. The winners take all - whatever that means. It’s now or never for many of them.
And, while I can’t tell you who to vote for, I can tell you you had better vote as though you are voting for President Barack Obama all over again. Because this is just what this means.
Each and every vote counts. If you don’t vote, the good the President is trying to accomplish will be diminished exponentially.
Think about it. The Republicans are already trying to make this a self-fulfilling prophesy by saying that during the midterm the opposition part gets the majority. This is a psych! A mind game they play and many of us fall into the trap as though it’s the gospel. Nothing could be further from the truth, but they’re counting on the gullibility of the American public, who have become contented with mimicking what they hear on TV rather than standing for themselves, and getting their information first hand.
So now here we are. And there are some pretty important issues coming up that may or may not hamper our ability to emerge victorious from this primary:
1): The new electronic scan voting machines are being introduced in New York City. Many are concerned that it may either cut down on the number of people voting, or it may cause a great number of inaccuracies. (shades of Florida 2000). However, if we use our intelligence, instead of falling prey to negative suggestions, we can learn to use this nuance the way we have other innovations. In other words, don’t let learning something new be the deterrent to getting out to vote.
2): The assumption that because the candidate has been in office a long time, it’s time to bring in someone new. How insipid! Politics is a career like any other position. Politicians are public servants who apply for their positions via the public arena called voting, and they maintain their position via the same way. If they are doing their job correctly, they are returned to their position at the end of the term. It has nothing to do with age, per se, it has more to do with doing the job we sent them there to do. It also has to do with seasoning and seniority. I.e. paying your dues. In doing so you learn the lay of the land, and are able to exercise influence over situations more effectively than the relative new comer.
When I hear someone talking of “new blood”, as though a younger person automatically comes with a set of new concepts that will benefit us all, I cringe. I am not putting down our younger generation, but I am saying that they haven’t necessarily demonstrated their understanding of their role and responsibility in the current society given the amount of work, blood, sweat and tears their predecessors have already sacrificed to provide them with better lives. So, please don’t make age the issue. Look at where they stand when they stand with their people (I.e. us), and whether or not they know they’re Black (yes, I said Black -- remember the name of this blog is ECLECTICALLY BLACK).
3): On the flip side of this statement, however, there are some of our youth I wholeheartedly endorse, including Ms. Latrice Monique Walker, who is running for District Leader in Brooklyn, NY. I’m lifting her name because she has demonstrated her wisdom and involvement far beyond her age. She is one who can be called a continuity between veteran experience and the new breed.
Another area that materially affects our lives has to do with the court system. With Judge Sylvia Ash stepping up from the Court of Appeals tothe Supreme Court, there is evidence that supporting her will not only be a vote for our own self interests, but for fairness and parity for a change. Judge Ash, who has been a constant figure in the community, whether it's about raising funds to help Haitians effected by the earthquake or other nefarious conditions, or at the myriad of community based functions throughout Brooklyn, has ably and effectively served to community; and no doubt will be able to do more if we do the right thing and elevate her to Supreme Court Justice.
I would also like to lift the name of New York City Councilman Al Vann, who passed the baton as District Leader to Robert Cornegy, a young brother who had actually run against him in a bid for his seat on the City Council last year. Rather than deeming him an enemy, Councilman Vann looked at his strengths, sincerity, and experience, and passed the baton on to Mr. Cornegy, who now serves as the district leader, saving a considerable amount of expense and rancor.
Which also addresses another issue about age and length of service. Former Congressman the Rev. Floyd Flake, upon stepping down from Congress to head Allen AME Church in Queens, passed the baton to Gregory Meeks, to serve the balance of his unexpired term. Meeks did so admirably, and upon running for re-election, made it clear that his policies may or may not be the same as Flakes -- I.e., he was no carbon copy -- but that he had the well being of Queens at heart. He has done well in his leadership, thus proving Flake’s choice was a good one.
4): Don’t believe mainstream media’s hostile headline hype. It’s sad that, in this day and age, racism, yellow journalism and character assassination are alive and well and living in Fox News and other racist publications. We are being bombarded with garbage news about Congressman Rangel and others that would have us think that he has suddenly grown two heads and a tail. I’m not saying the Congressman is perfect, but I am saying that the vilification he has suffered is racist and extreme. As you go in to vote, remember that. Remember that the concept is to divide the Black community with innuendo, trickery, lies and deceit. It is to defame the Congressman so that we become confused about who he is in juxtaposition to who we are.
Also remember that the same vilification he is suffering after having taken the helm of the House Ways and Means Committee, the most powerful committee in Congress, is the same thing that happened to Adam Clayton Powell, Jr., his predecessor. The whites know that this is the most powerful position, and they went after him with a vengeance. Also make sure if he is re-elected, that he is reinstated with full honors, roles and responsibility. It appears that the so-called ethics committee only comes into effect when we are in positions of power -- very seldom when Caucasians have “strayed” from the line.
Likewise, when it comes to effectiveness, anyone who doubts the effectiveness of Congressman Edolphus Towns, has not been paying attention to the housing issues, and the greedy attempts to deprive Brooklyn - all of New York for that matter -- of affordable housing. It was Congressman Towns that saved Starett City from being sold to private developers who wanted to turn it into overpriced condominium developments. Because of Towns, Mitchell - Lama legislations have been extended an additional 25 years. Under his watch, legislation to preserve homes that were going under water due to overpriced mortgages have been passed. You need to be very cognizant of who is doing what for you. Fancy words and dog and pony shows don’t ge the job done.
State Senator Velmanette Montgomery, along with Assemblymember Hakeem Jeffries, has been instrumental, likewise, in getting legislation passed to transform overpriced, abandoned condominiums in Brooklyn, into affordable homes. No easy feat when greedy developers were trying to get undeserved breaks from the banks, Washington and other entities. Condominiums built on the foundations of Black neighborhoods that were once thriving in Brooklyn, will once again be returned to the hardworking people who deserve them most. So consider those issues when you go to the polls.
5): Finally, if you don’t get out and vote, you have absolutely no right to complain about anything. They are nickering and diming us to death in New York City, thanks to Bloomberg and his miscreants. We have witnessed rising costs and lower quality in transportation; bogus criteria in school and educational programs; the lack of will when it comes to dealing with the Wall Streeters who have been part and parcel of the recession New York currently faces. I urge you to carefully consider your choices as you vote. Remember, those who sat home in Brooklyn and did not vote for Bill Thompson for mayor - 20% turn out - who are now bearing the brunt of their negligence -- slow to no buses, more and more services closed or reduced in our communities.
Every time you vote, you have to vote as though your lives depend on it. Because it does. Vote as though you’re voting for Obama, because you are. As constituents you are not only participating in the electoral process, but you are signaling that you expect results from them. And then, make sure you get them. Politics is not a spectator sport, it is a participatory, hands on event.
So today, September 14, 2010 is primary day in New York State. It's in your hands, NYC. See you at the polls.
Stay blessed &
ECLECTICALLY BLACK
Gloria Dulan-Wilson
SO it’s finally here. Primary day in New York City. And all the candidates are lined up for battle. The winners take all - whatever that means. It’s now or never for many of them.
And, while I can’t tell you who to vote for, I can tell you you had better vote as though you are voting for President Barack Obama all over again. Because this is just what this means.
Each and every vote counts. If you don’t vote, the good the President is trying to accomplish will be diminished exponentially.
Think about it. The Republicans are already trying to make this a self-fulfilling prophesy by saying that during the midterm the opposition part gets the majority. This is a psych! A mind game they play and many of us fall into the trap as though it’s the gospel. Nothing could be further from the truth, but they’re counting on the gullibility of the American public, who have become contented with mimicking what they hear on TV rather than standing for themselves, and getting their information first hand.
So now here we are. And there are some pretty important issues coming up that may or may not hamper our ability to emerge victorious from this primary:
1): The new electronic scan voting machines are being introduced in New York City. Many are concerned that it may either cut down on the number of people voting, or it may cause a great number of inaccuracies. (shades of Florida 2000). However, if we use our intelligence, instead of falling prey to negative suggestions, we can learn to use this nuance the way we have other innovations. In other words, don’t let learning something new be the deterrent to getting out to vote.
2): The assumption that because the candidate has been in office a long time, it’s time to bring in someone new. How insipid! Politics is a career like any other position. Politicians are public servants who apply for their positions via the public arena called voting, and they maintain their position via the same way. If they are doing their job correctly, they are returned to their position at the end of the term. It has nothing to do with age, per se, it has more to do with doing the job we sent them there to do. It also has to do with seasoning and seniority. I.e. paying your dues. In doing so you learn the lay of the land, and are able to exercise influence over situations more effectively than the relative new comer.
When I hear someone talking of “new blood”, as though a younger person automatically comes with a set of new concepts that will benefit us all, I cringe. I am not putting down our younger generation, but I am saying that they haven’t necessarily demonstrated their understanding of their role and responsibility in the current society given the amount of work, blood, sweat and tears their predecessors have already sacrificed to provide them with better lives. So, please don’t make age the issue. Look at where they stand when they stand with their people (I.e. us), and whether or not they know they’re Black (yes, I said Black -- remember the name of this blog is ECLECTICALLY BLACK).
3): On the flip side of this statement, however, there are some of our youth I wholeheartedly endorse, including Ms. Latrice Monique Walker, who is running for District Leader in Brooklyn, NY. I’m lifting her name because she has demonstrated her wisdom and involvement far beyond her age. She is one who can be called a continuity between veteran experience and the new breed.
Another area that materially affects our lives has to do with the court system. With Judge Sylvia Ash stepping up from the Court of Appeals tothe Supreme Court, there is evidence that supporting her will not only be a vote for our own self interests, but for fairness and parity for a change. Judge Ash, who has been a constant figure in the community, whether it's about raising funds to help Haitians effected by the earthquake or other nefarious conditions, or at the myriad of community based functions throughout Brooklyn, has ably and effectively served to community; and no doubt will be able to do more if we do the right thing and elevate her to Supreme Court Justice.
I would also like to lift the name of New York City Councilman Al Vann, who passed the baton as District Leader to Robert Cornegy, a young brother who had actually run against him in a bid for his seat on the City Council last year. Rather than deeming him an enemy, Councilman Vann looked at his strengths, sincerity, and experience, and passed the baton on to Mr. Cornegy, who now serves as the district leader, saving a considerable amount of expense and rancor.
Which also addresses another issue about age and length of service. Former Congressman the Rev. Floyd Flake, upon stepping down from Congress to head Allen AME Church in Queens, passed the baton to Gregory Meeks, to serve the balance of his unexpired term. Meeks did so admirably, and upon running for re-election, made it clear that his policies may or may not be the same as Flakes -- I.e., he was no carbon copy -- but that he had the well being of Queens at heart. He has done well in his leadership, thus proving Flake’s choice was a good one.
4): Don’t believe mainstream media’s hostile headline hype. It’s sad that, in this day and age, racism, yellow journalism and character assassination are alive and well and living in Fox News and other racist publications. We are being bombarded with garbage news about Congressman Rangel and others that would have us think that he has suddenly grown two heads and a tail. I’m not saying the Congressman is perfect, but I am saying that the vilification he has suffered is racist and extreme. As you go in to vote, remember that. Remember that the concept is to divide the Black community with innuendo, trickery, lies and deceit. It is to defame the Congressman so that we become confused about who he is in juxtaposition to who we are.
Also remember that the same vilification he is suffering after having taken the helm of the House Ways and Means Committee, the most powerful committee in Congress, is the same thing that happened to Adam Clayton Powell, Jr., his predecessor. The whites know that this is the most powerful position, and they went after him with a vengeance. Also make sure if he is re-elected, that he is reinstated with full honors, roles and responsibility. It appears that the so-called ethics committee only comes into effect when we are in positions of power -- very seldom when Caucasians have “strayed” from the line.
Likewise, when it comes to effectiveness, anyone who doubts the effectiveness of Congressman Edolphus Towns, has not been paying attention to the housing issues, and the greedy attempts to deprive Brooklyn - all of New York for that matter -- of affordable housing. It was Congressman Towns that saved Starett City from being sold to private developers who wanted to turn it into overpriced condominium developments. Because of Towns, Mitchell - Lama legislations have been extended an additional 25 years. Under his watch, legislation to preserve homes that were going under water due to overpriced mortgages have been passed. You need to be very cognizant of who is doing what for you. Fancy words and dog and pony shows don’t ge the job done.
State Senator Velmanette Montgomery, along with Assemblymember Hakeem Jeffries, has been instrumental, likewise, in getting legislation passed to transform overpriced, abandoned condominiums in Brooklyn, into affordable homes. No easy feat when greedy developers were trying to get undeserved breaks from the banks, Washington and other entities. Condominiums built on the foundations of Black neighborhoods that were once thriving in Brooklyn, will once again be returned to the hardworking people who deserve them most. So consider those issues when you go to the polls.
5): Finally, if you don’t get out and vote, you have absolutely no right to complain about anything. They are nickering and diming us to death in New York City, thanks to Bloomberg and his miscreants. We have witnessed rising costs and lower quality in transportation; bogus criteria in school and educational programs; the lack of will when it comes to dealing with the Wall Streeters who have been part and parcel of the recession New York currently faces. I urge you to carefully consider your choices as you vote. Remember, those who sat home in Brooklyn and did not vote for Bill Thompson for mayor - 20% turn out - who are now bearing the brunt of their negligence -- slow to no buses, more and more services closed or reduced in our communities.
Every time you vote, you have to vote as though your lives depend on it. Because it does. Vote as though you’re voting for Obama, because you are. As constituents you are not only participating in the electoral process, but you are signaling that you expect results from them. And then, make sure you get them. Politics is not a spectator sport, it is a participatory, hands on event.
So today, September 14, 2010 is primary day in New York State. It's in your hands, NYC. See you at the polls.
Stay blessed &
ECLECTICALLY BLACK
Gloria Dulan-Wilson
8.10.2010
Assemblymember Hakeem Jeffries and State Senator Velmanette Montgomery usher in SONYMA-Insured Refinance of “Overleveraged” Apartment Buildings
by Gloria Dulan-Wilson
Governor David Paterson signed into law a legislation that Assemblymember Hakeem Jeffries has been working on for quite some time. The legislation will enable the state to help refinance apartment buildings facing severe financial difficulties, as a result of a massive housing crisis, brought on by greed and unscrupulous real estate deals, that aimed at pushing out families from low and moderate income neighborhoods, so that huge overpriced leviathans could be constructed.
Jeffries and the bill co/sponsor, State Senator Velmanette Montgomery, represent central Brooklyn districts where most of the multifamily buildings are located.
In fact 66 vacant or low occupancy buildings are in Jeffries district. It was the reason he sponsored the bill, making the announcement in his 2009 State of the District Address at Pratt Institute; and reiterating the necessity in 2010.
Assemblyman Jeffries said, "As a result of the housing market collapse, there are thousands of empty luxury condominium apartments all throughout New York City. At the same time, working families and middle class communities are being suffocated out of existence by the squeeze of the affordable housing crisis. By signing this bill into law, Governor Paterson has provided us with a powerful tool to help convert excess luxury apartment inventory into affordable homes for those most in need."
Many owners of rental apartment buildings in New York City acquired or refinanced during the housing boom have since fallen behind on their mortgage payments or defaulted. As a result, building services have not been maintained and the quality of life in those buildings has deteriorated.
The new law will allow the State of New York Mortgage Agency (SONYMA) to insure loans that refinance these "overleveraged" (read over priced) buildings that are now struggling to pay their debt service. The legislation signed by the Governor removes a requirement that refinancings of multifamily mortgages insured by SONYMA include renovation of the property. Under the new law, SONYMA will be able to insure refinanced mortgages of up to $150 million for properties originally financed between 2004 and 2008.
In addition, many recently-built, overpriced multifamily condo apartment buildings, erroneously designed to transform Brooklyn into the “new Manhattan,” remain unoccupied as developers have run into financial difficulties. Not only were the prices set so high that moderate income families could not afford them, in the long run they even proved to be too expensive for the Wall Streeters many of these units were designed to attract.
While the result has created eyesores that hover over the communities like giant ghosts, many long time Brooklyn residents are breathing a sigh of relief, as it appears that at least for now, rampant gentrification has been stopped in its tracks. At the same time, they are also wondering if any of these units will be made available for those who have been pushed out of their homes, or who have found housing prices to be so out of reach that they are stuck.
According the legislation, refinancing these buildings would allow rental properties to be properly maintained and enable unoccupied condos to be turned into affordable rental apartments. Actually, while this is a good thing, it would make better sense to make the condo units lease to own units, as oppose to rentals; so that the goal of home ownership could continue to be a viable option. It also expands the tax base, maintains pride of ownership, and builds a stake in the community. It is something that has been done successfully in other areas, and can work very well in this situation.
Upon signing the bill, Governor Paterson stated: "The housing crisis created many victims, including the tenants of apartment buildings that were often recklessly financed during the housing boom," Governor Paterson said. "This legislation will enable both rental and condo buildings to be refinanced so their tenants can help their communities grow and prosper."
Senator Montgomery, who has likewise been involved in the struggle to retain affordable homes in her district, stated: "From the roof of my district office I can see dozens of new luxury condominium towers standing empty, or so undersold their continued existence is in jeopardy. Thousands of empty units, many of which were built on sites where affordable and low-income housing was displaced so these new structures could rise. Failed buildings are disastrous for a neighborhood, so I was very happy when Assemblyman Jeffries approached me with his idea to save the neighborhoods, the buildings, and many units of affordable housing with this bill. I am proud to have carried it in the Senate. By signing this bill, the Governor can provide confidence and stability to the housing markets and our neighborhoods."
Majority Conference Leader John Sampson, D-Brooklyn, said, "In the current economic climate, people need adequate and affordable housing. I am proud that we have provided the tools necessary to refinance overleveraged apartment buildings and convert unfinished condos into affordable rental housing. This measure will improve the lives of everyday New Yorkers."
Brian E. Lawlor, President and CEO of "nyhomes," SONYMA's parent agency, and Commissioner of the Division of Housing and Community Renewal (DHCR), said, "We were proud to work with the Legislature and the Governor to craft legislation that will preserve affordable housing in New York. Strengthening communities is one of the core missions as we continue to integrate our agencies. We look forward to working with the development and lending communities to help refinance multifamily housing in distress."
SONYMA's Mortgage Insurance Fund was created in 1979 to provide insurance on multifamily mortgage loans for affordable housing made by commercial and public lenders.
The legislation signed into law continues SONYMA's efforts to help New York City neighborhoods put at risk by the financial crisis. The Mortgage Insurance Fund has already insured the mortgages of several unsold condo buildings that have converted to rental apartments. In 2009, SONYMA's single-family mortgage program lowered its presale requirement for potential homeowners looking to finance the purchase of condos located in "target" areas. "Target" areas are neighborhoods that are considered economically distressed. Under the new policy, only 40% of the units in a condominium development must now be sold for an individual condo to become eligible for a SONYMA mortgage.
Assembly Housing Chair Vito Lopez, D-Brooklyn, said, "This legislation is an important step toward resolving the critical issue of overleveraged apartment buildings in New York City. As Chairman of the Committee on Housing, I was proud to work closely with Assemblyman Jeffries, SONYMA and the Governor's office to ensure that we gain this critical tool to help us improve and protect affordable housing in the city."
Historically speaking, New York State, beginning in 1932, set a record in constructing the most quality, affordable homes for its residents, in the US. Many of these developments stand today, a testament to the efforts in New York to provide a home for all its citizens. Under the Pataki administration, the dismantling of affordable housing began, with many contracts going to his supporters to build what ultimately have become these overpriced properties standing empty today.
It could be said the reverse of New York’s affordable housing record was set between 2002 and 2008, when the most expensive, least affordable homes were constructed, and when the most families were displaced by unscrupulous, greedy developers, who are now crying crocodile tears, while many families are still facing homelessness as a result of their callous disregard for their well being.
Let’s hope that the legislation signed into law, and Assemblymember Jeffries and Senator Montgomery’s efforts in part mitigate some of what has been lost.
The other side of the line also has to be in rolling back those exorbitant rents that people have been forced to pay as the prices were driven higher and higher. Families forced to pony to rents of $1100 to $2000 or more a month, when their salaries are no where near that amount, need a break as well. Properties whose rents have been pushed above the $2000/mo mark, are decontrolled, leaving tenants at the mercy of landlords whose greed has long exceeded the need for increase.
Rolling back those rents in those properties by 35%, would make a great difference in their quality of life as well. With a rent guidelines board totally ignoring the fact that we are indeed in a recession, many are caught between putting food on the table or paying rent. It’s time to also turn attention to these victims as well. And I’m sure in the next weeks and months, this will indeed be the focus, returning Brooklyn to a real neighborhood, not the target of voracious overdevelopment by developers who are more concerned with their bottom line than the lives of thousands of hard working people.
Kudos to Assemblyman Hakeem Jeffries and State Senator Velmanette Montgomery for staying the course and striking the first blow. Kudos to Governor Paterson for signing it into law. More such diligence and legislation is needed to make New York liveable again. But this is definitely a great beginning.
Stay Blessed &
ECLECTICALLY BLACK
Gloria Dulan-Wilson
Governor David Paterson signed into law a legislation that Assemblymember Hakeem Jeffries has been working on for quite some time. The legislation will enable the state to help refinance apartment buildings facing severe financial difficulties, as a result of a massive housing crisis, brought on by greed and unscrupulous real estate deals, that aimed at pushing out families from low and moderate income neighborhoods, so that huge overpriced leviathans could be constructed.
Jeffries and the bill co/sponsor, State Senator Velmanette Montgomery, represent central Brooklyn districts where most of the multifamily buildings are located.
In fact 66 vacant or low occupancy buildings are in Jeffries district. It was the reason he sponsored the bill, making the announcement in his 2009 State of the District Address at Pratt Institute; and reiterating the necessity in 2010.
Assemblyman Jeffries said, "As a result of the housing market collapse, there are thousands of empty luxury condominium apartments all throughout New York City. At the same time, working families and middle class communities are being suffocated out of existence by the squeeze of the affordable housing crisis. By signing this bill into law, Governor Paterson has provided us with a powerful tool to help convert excess luxury apartment inventory into affordable homes for those most in need."
Many owners of rental apartment buildings in New York City acquired or refinanced during the housing boom have since fallen behind on their mortgage payments or defaulted. As a result, building services have not been maintained and the quality of life in those buildings has deteriorated.
The new law will allow the State of New York Mortgage Agency (SONYMA) to insure loans that refinance these "overleveraged" (read over priced) buildings that are now struggling to pay their debt service. The legislation signed by the Governor removes a requirement that refinancings of multifamily mortgages insured by SONYMA include renovation of the property. Under the new law, SONYMA will be able to insure refinanced mortgages of up to $150 million for properties originally financed between 2004 and 2008.
In addition, many recently-built, overpriced multifamily condo apartment buildings, erroneously designed to transform Brooklyn into the “new Manhattan,” remain unoccupied as developers have run into financial difficulties. Not only were the prices set so high that moderate income families could not afford them, in the long run they even proved to be too expensive for the Wall Streeters many of these units were designed to attract.
While the result has created eyesores that hover over the communities like giant ghosts, many long time Brooklyn residents are breathing a sigh of relief, as it appears that at least for now, rampant gentrification has been stopped in its tracks. At the same time, they are also wondering if any of these units will be made available for those who have been pushed out of their homes, or who have found housing prices to be so out of reach that they are stuck.
According the legislation, refinancing these buildings would allow rental properties to be properly maintained and enable unoccupied condos to be turned into affordable rental apartments. Actually, while this is a good thing, it would make better sense to make the condo units lease to own units, as oppose to rentals; so that the goal of home ownership could continue to be a viable option. It also expands the tax base, maintains pride of ownership, and builds a stake in the community. It is something that has been done successfully in other areas, and can work very well in this situation.
Upon signing the bill, Governor Paterson stated: "The housing crisis created many victims, including the tenants of apartment buildings that were often recklessly financed during the housing boom," Governor Paterson said. "This legislation will enable both rental and condo buildings to be refinanced so their tenants can help their communities grow and prosper."
Senator Montgomery, who has likewise been involved in the struggle to retain affordable homes in her district, stated: "From the roof of my district office I can see dozens of new luxury condominium towers standing empty, or so undersold their continued existence is in jeopardy. Thousands of empty units, many of which were built on sites where affordable and low-income housing was displaced so these new structures could rise. Failed buildings are disastrous for a neighborhood, so I was very happy when Assemblyman Jeffries approached me with his idea to save the neighborhoods, the buildings, and many units of affordable housing with this bill. I am proud to have carried it in the Senate. By signing this bill, the Governor can provide confidence and stability to the housing markets and our neighborhoods."
Majority Conference Leader John Sampson, D-Brooklyn, said, "In the current economic climate, people need adequate and affordable housing. I am proud that we have provided the tools necessary to refinance overleveraged apartment buildings and convert unfinished condos into affordable rental housing. This measure will improve the lives of everyday New Yorkers."
Brian E. Lawlor, President and CEO of "nyhomes," SONYMA's parent agency, and Commissioner of the Division of Housing and Community Renewal (DHCR), said, "We were proud to work with the Legislature and the Governor to craft legislation that will preserve affordable housing in New York. Strengthening communities is one of the core missions as we continue to integrate our agencies. We look forward to working with the development and lending communities to help refinance multifamily housing in distress."
SONYMA's Mortgage Insurance Fund was created in 1979 to provide insurance on multifamily mortgage loans for affordable housing made by commercial and public lenders.
The legislation signed into law continues SONYMA's efforts to help New York City neighborhoods put at risk by the financial crisis. The Mortgage Insurance Fund has already insured the mortgages of several unsold condo buildings that have converted to rental apartments. In 2009, SONYMA's single-family mortgage program lowered its presale requirement for potential homeowners looking to finance the purchase of condos located in "target" areas. "Target" areas are neighborhoods that are considered economically distressed. Under the new policy, only 40% of the units in a condominium development must now be sold for an individual condo to become eligible for a SONYMA mortgage.
Assembly Housing Chair Vito Lopez, D-Brooklyn, said, "This legislation is an important step toward resolving the critical issue of overleveraged apartment buildings in New York City. As Chairman of the Committee on Housing, I was proud to work closely with Assemblyman Jeffries, SONYMA and the Governor's office to ensure that we gain this critical tool to help us improve and protect affordable housing in the city."
Historically speaking, New York State, beginning in 1932, set a record in constructing the most quality, affordable homes for its residents, in the US. Many of these developments stand today, a testament to the efforts in New York to provide a home for all its citizens. Under the Pataki administration, the dismantling of affordable housing began, with many contracts going to his supporters to build what ultimately have become these overpriced properties standing empty today.
It could be said the reverse of New York’s affordable housing record was set between 2002 and 2008, when the most expensive, least affordable homes were constructed, and when the most families were displaced by unscrupulous, greedy developers, who are now crying crocodile tears, while many families are still facing homelessness as a result of their callous disregard for their well being.
Let’s hope that the legislation signed into law, and Assemblymember Jeffries and Senator Montgomery’s efforts in part mitigate some of what has been lost.
The other side of the line also has to be in rolling back those exorbitant rents that people have been forced to pay as the prices were driven higher and higher. Families forced to pony to rents of $1100 to $2000 or more a month, when their salaries are no where near that amount, need a break as well. Properties whose rents have been pushed above the $2000/mo mark, are decontrolled, leaving tenants at the mercy of landlords whose greed has long exceeded the need for increase.
Rolling back those rents in those properties by 35%, would make a great difference in their quality of life as well. With a rent guidelines board totally ignoring the fact that we are indeed in a recession, many are caught between putting food on the table or paying rent. It’s time to also turn attention to these victims as well. And I’m sure in the next weeks and months, this will indeed be the focus, returning Brooklyn to a real neighborhood, not the target of voracious overdevelopment by developers who are more concerned with their bottom line than the lives of thousands of hard working people.
Kudos to Assemblyman Hakeem Jeffries and State Senator Velmanette Montgomery for staying the course and striking the first blow. Kudos to Governor Paterson for signing it into law. More such diligence and legislation is needed to make New York liveable again. But this is definitely a great beginning.
Stay Blessed &
ECLECTICALLY BLACK
Gloria Dulan-Wilson
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