NYC Gazette

Manhattan Borough President Mark Levine has initiated a new training program aimed at equipping community board members with a deeper understanding of housing finance. The program, titled "Understanding Housing Finance," offers insights into the complexities of affordable housing development and its financing 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," stated Borough President Levine. He emphasized that this type of training is unique within the Community Board system.

The session was led by Marc Norman, Dean of NYU Schack Institute of Real Estate, along with faculty members Kendra Stensven and Ed Faustin. More than 50 community board members attended the session, gaining insights into various aspects such as cost components in housing development, land acquisition costs in Manhattan, and external financial influences like interest rates and insurance costs.

"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. He highlighted the importance of understanding housing finance to accelerate development and expand access to affordable housing.

Borough President Levine has been actively addressing Manhattan's housing issues through multiple initiatives. In early 2023, he published a report identifying potential development sites for affordable housing and pledged fast-track approvals for such proposals. His office also collaborates with community boards to integrate housing priorities into neighborhood planning.

The "Understanding Housing Finance" training is part of the broader Manhattan Leadership Training Series. This virtual series covers governance topics such as equal employment opportunity and implicit bias, aiming to empower community leaders with knowledge aligned with local needs.

A recording of the training session is available online for those interested in learning more about these initiatives.