Letter to Ben Carson, Secretary of the Department of Housing and Urban Development - Seeking HUD's Intervention to Preserve Lakeview Apartments, a Four Building Affordable Housing Complex in Manhattan, NY

Letter

We write to seek HUD's intervention to preserve Lakeview Apartments, a four building affordable housing complex in Manhattan, NY. Lakeview's 446 units, built originally under the Mitchell-Lama program, have been home to families and elderly individuals since 1974. For the past few decades, the property has participated in a variety of affordable housing programs, allowing the development to house low- and middle-income populations -- something that is increasingly precious and rare in Manhattan's ever-more expensive housing market. In order to maintain this development as part of New York City's affordable housing stock, we urge HUD to match the comparable markets rents of this location.

As with many metropolitan areas, rent has become increasingly expensive in New York City. High demand and low vacancy rates have made it difficult for families to relocate; in fact, the vacancy rate in New York City is below four percent. Additionally, families have faced countless hurdles finding housing as more and more properties have left affordable housing programs. HUD has been an essential partner -- with the city, the state and private owners -- in finding innovative ways to support these families with policies that provide access to affordable housing. Due to its location in what has evolved, over time, into a high rent area, Lakeview has presented a unique challenge, one where the street rent is significantly higher than the market rent. Roughly fifty percent of Lakeview's tenants are dependent on some form of federal rent subsidy, demonstrating the dire need for affordable housing in this section of the city.

The owner, tenants association, City and State of New York have come together to help maintain this vibrant community. Lakeview has an existing RAP contract that has been extended for a short term. With help from the Rental Assistance Demonstration (RAD) program, Lakeview will enter into a PBRA contract that will guarantee affordability for the next 20 years. Additionally, through the RAD program more tenants should be able to access these affordable housing programs, as tenants under 95% of AMI will be included. I urge HUD to continue to work to tailor an agreement that will ensure Lakeview's affordability by providing comparable market rent. The current area fair market rent cap is 120% and Lakeview would need a significant increase in the cap to meet the gap in street rent to market rent.

Preserving quality housing and affordability at the Lakeview Apartments is a solvable request for citizens that desperately need it. Thank you for considering our request and for remaining attentive to this matter. We value your partnership and look forward to furthering our shared commitment to preserving accessible, affordable housing.

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