DRAFT Public/Private Partnership DRAFT
Mission Statement -- Convening Resolution (?)
The goal of the Albany County Public/Private Partnership is to achieve
balanced growth in Albany County. Because of the local housing shortage it will
emphasize the need for increased low and moderate income housing as an integral
part of this balanced growth. Given the limited availability of federal and
state subsidies for housing the Partnership will seek to stimulate private sector
participation in achieving balanced housing development.
The Partnership will bring together leadership from thrge areas (local banks,
local housing related community organizations, and the public sector) to address
the housing problems in Albany County. It will make recommendations and promote
specific approaches to maximize local resources and obtain scarce state and federal
funds for low and moderate income housing projects in Albany County. #£n doing so
it will endeavor to concentrate resources, in particular private sector participationg
in efforts to develop underserved markets.
The Partnership, should. seek a working relationship with the Mayor's Task Force
on Housing in the city of Albany by requesting input from the Task Force and
offering to be a resource on specific issues or projects under consideration by the
Task Force. Likewise, the Partnership should develop a similar relationship with
the Albany County Coalition for Affordable Housing on areas of mutual concern.
Since the Federal Reserve Bank of New York has offered to co-sponsor a regional
forum for a large convening of area bankers the Partnership should offer to assist
this effort. Meetings with such a regional banking convening on a quarterly basis
would enable the Partnership to involve other banks and private sector institutions
in Partnership activities, :
The Partnership will operate on an informal basis and serve as a forum for an
open and frank exchange of ideas and information. Participants in the Partnership
do not commit finances, staff time, or other resources as a condition for partici-
pation, nor are they obligated to participate directly in any project endorsed or
recommended by the Partnership as a whole.
Partnership DRAFT continued
To strengthen the three-way nature of the Partnership the focus of the agenda
should rotate among the three sectors (banks, community, and the public sector).
A coordinating team composed of one person from each sector should serve as leader-
ship of the Partnership to see that agendas and meetings are properly planned and to
follow through with recommendations made by the Partnership. Meetings should be an
hour and a half long once a month, and the number of agenda items and length of
presentations should allow for adequate discussion time for each item.
The twelve participants (four from each sector) should sign a mutual convening
statement. This agreement would be non-binding, but would serve as a mission
i statement and guideline for the work of the Partnership for the next twelve months.
|
|
t
i
|
t
|
|
i
|
i
i
DRAFT Public/Private Partnership DRAFT
Mission Statement -- Convening Resolution(?)
The goal of the Albany County Public/Private Partnership is to achieve
balanced growth in Albany’ County. Because of the local housing shortage it will
emphasize the need for increased low and moderate income housing as an integral
part of this balanced growth. Given the limited availability of federal and
state subsidies for housing the Partnership will seek to stimulate private sector
participation in achieving balanced housing development.
The Partnership will bring together leadership from three areas (local banks,
local housing related community organizations, and the public sector) to address
the housing problems in Albany County. It will make recommendations and promote
specific approaches to maximize local resources and obtain scarce state and federal
funds for low and moderate income housing projects in Albany County. #n doing so
it will endeavor to concentrate resources, in particular private sector participationg
in ‘efforts to develop underserved markets.
The Partnership should. seek a working relationship with the Mayor's Task Force
on Housing in the city of Albany by requesting input from the Task Force and
offering to be a resource on specific issues or projects under consideration by the
Task Force, Likewise, the Partnership should develop a similar relationship with
the Albany County Coalition for Affordable Housing on areas of mutual concern.
Since the Federal Reserve Bank of New York has offered to co-sponsor a regional
forum for a large convening of area bankers the Partnership should offer to assist
this effort. Meetings with such a regional banking convening on a quarterly basis
would enable the Partnership to involve other banks and private sector institutions
in Partnership activities.
The Partnership will operate on an informal basis and serve as a forum for an
open and frank exchange of ideas and information. Participants in the Partnership
do not commit finances, staff time, or other resources as a condition for partici-
pation, nor are they obligated to participate directly in any project endorsed or
recommended by the Partnership as a whole.
oe
|
Partnership DRAFT continued
To strengthen the three-way nature of the Partnership the focus of the agenda
should rotate among the three sectors (banks, community, and the public sector).
A coordinating team composed of one person from each sector should serve as leader-
ship of the Partnership to see that agendas and meetings are properly planned and to
follow through with recommendations made by the Partnership. Meetings should be an
hour and a half long once a month, and the number of agenda items and length of
presentations should allow for adequate discussion time for each item.
The twelve participants (four from each sector) should sign a mutual convening
statement. This agreement would be non-binding, but would serve as a mission
statement and guideline for the work of the Partnership for the next twelve months.
Stamn ffl DALte
DVB rte, deg
Ganeff bys
Murrey
Maihoy - fof fe 10/3» wh ~ pacha de WeSS stetensel tf acho
¥
A Feel Lotere - Bejamod orine Sb /lo- wp phime cnt
a Tousk For ve (?) Chak ® 14M Fsruce
ag Mission Stekeneot Diteaess om /Ageee woud
ay
| Apedelt Ibs Pag = Mack Simons
|
|
|
|
Mission Committee Goals Statement
Draft
The nation has experienced major population shifts
over the past decades which have tended to produce dis-
locations in the universal availability of home financing.
During the same period, there has been a dispro-
portionate escalation of housing costs relative to family
income.
The combined effect of these phenomena has tended to
limit access to the "normal" housing market for signifi-
cant numbers of Americans.
In addition to regulating against disinvestment pra-
tices, Federal and State governments have legislated pro-
grams to bridge the gap between market housing costs and
family income.
It has come to be realized over time that the scope
of this problem is such that it cannot be effectively
managed by the public sector alone.
Invariably, the housing programs now espoused by both
Federal and State government require participation by local
government and the private investment sector.
To maximize the utilization of those governmental
housing programs continually available to the citizens of
Albany County, it is deemed appropriate and desirable to
more efficiently marshall the limited resources from the
private investment community.
By way of establishing such a permanent privately
financed interfacing capacity, the objective is to create
a legally constituted entity to be professionally managed
and capitalized equitably by ideally all of the federally
and State chartered lending institutions operating in.
the. County of Albany. While the intent and purpose of
this enterprise is to participate in CRA type financings,
in recognition of the fiduciary responsibilities of the
participating institutions, the practices and underwriting
policies of the new organization are to be as determinted
by the Board of Directors as constituted by each partici-
pating lending institution representative.
The establishment of such a coordinated unified effort
will certainly accrue to the benefit of the citizens of the
County as well as to provide a predictable and measurable
vehicle for the participating institution's CRA investment
activity.
A ygra arial here
a Def invhen af A lok abaclty - ee
Mission Committee Goals Statemnt
g mn
i Draft
The nation has experienced major population shifts —
(over the past decades) which ee essen produc dis-
locations in the ‘universal availability of home financing.
During the same period, there has been a dispro-
portionate escalation of housing costs relative to family
income.
i The combined effect of these phenomena has tended to
limit access to the "normal" housing market for signifi-
gue
cant numbers of Americans.
i.
Ul
am faatriot Le regulating against disinvestment pra-
tices, Federal and State governments have legislated pro~-
grams to bridge the gap between market housing costs and
family income, ed
wel Con seusUs 1S fret
| Pat Ceuen
| TP—has—come—te-be~realized over time eaty the scope
of this problem is such that it cannot be effectively
managed by the public sector alone.
Invariably, the housing programs now espoused by both
Federal and State government require participation by, local
government and the private investment sector.
To maximize the utilization of those governmental
housing programs continually available to the citizens of
Albany County, it is deemed appropriate and desirable to
more efficiently marshall the limited resources from the
private investment community.
Pg. 2
By way of establishing such a permanent privately
financed interfacing capacity, the objective is to create
a legally constituted entity to be professionally managed
and capitalized equitably by ideally all of the federally
and State chartered lending institutions operating in.
the. County of Albany. While the intent and purpose of
this enterprise is to participate in CRA type financings,
in recognition of the fiduciary responsibilities of the
participating institutions, the practices and underwriting
policies of the new organization are to be as determinted
by the Board of Directors as constituted by each partici-
pating lending institution representative.
The establishment of such a coordinated unified effort
will certainly accrue to the benefit of the citizens of the
County as well as to provide a predictable and measurable
vehicle for the participating institution's CRA investment
activity.
v7) dditranal Se Peet
Mission Committee Goals Statement
Draft
The nation has experienced major population shifts
over the past decades which have tended to produce dis-
locations in the universal availability of home financing.
During the same period, there has been a dispro-
portionate escalation of housing costs relative to family
income. ;
The combined effect of these phenomena has tended to
limit access to the "normal" housing market for signifi-
cant numbers of Americans.
~~ * In addition to regulating against disinvestment pra-
tices, Federal and State governments have legislated pro-
grams to bridge the gap between market housing costs and
family income.
It has come to be realized over time that the scope
of this problem is such that it cannot be effectively
managed by the public sector alone.
Invariably, the housing programs now espoused by both
Federal and State government require participation by local
government and the private investment sector.
To maximize the utilization of those governmental
housing programs continually available to the citizens of
Albany County, it is deemed appropriate and desirable to
more efficiently marshall the limited resources from the
private investment community.
Ft
I
|
Pg. 2
By way of establishing such a permanent privately
financed interfacing capacity, the objective is to create
a legally constituted entity to be professionally managed
and capitalized equitably by ideally all of the federally
and State chartered lending institutions operating in.
the. County of Albany. While the intent and purpose of
this enterprise is to participate in CRA type financings,
in recognition of the fiduciary responsibilities of the
participating institutions, the practices and underwriting
policies of the new organization are to be as determinted
by the Board of Directors as constituted by each partici-
pating lending institution repvesentative..
The establishment of such a coordinated unified effort
will certainly accrue to the benefit of the citizens of the
County as well as to provide a predictable and measurable
vehicle for the participating institution's CRA investment
activity.
a at ae organize ee n
April 27, 1988
Albany County Public/Private
Housing Partnership
I
Summary of Mission
The Partnership was formed in 1986 to serve the
following purposes:
The Public/Private Partnership is an organization
which brings together on a regular basis leadership
from the major community banks, the housing-related
community organizations and the public sector in a
common forum to discuss openly the problems and issues
relating to low and moderate income housing in Albany
County. The purpose of the Partnership is
informational with the hope that local bankers will
., become more aware of the needs: of low and moderate - oie. oe
piouaaun ttn doy sd: Synge aie baat sty
g and other financial ~ :
activities commensurate with the qoals and objectives
of the Community Reinvestment Act.
The further purpose of the Partnership is to assess
the information which is gathered, and in particular, to
assess the needs and existing resources relative to the
affordable housing problem, and to recommend possible
solutions.
II
Summary of the Partnership's
Assessment of the Problem
It is accepted that there is now a substantial
unfulfilled need in our communities for good housing that is
"affordable" to the lower-middle and low income segment of
our population. The dramatic increase in real estate vallés
that have been experienced in our area, "gentrification" of
our urban areas, spiraling costs of new construction of homes
and apartments, shortage of student housing, restrictive
zoning, disputes over labor costs in "public" housing
projects and other factors have all contributed to this
chronic shortage.
The public sector has established a number of programs
to help alleviate the problem. The Housing Trust Fund,
Housing Development Action Grant (BODAG), The Affordable
Housing Program, Section 8 Voucher programs represent a few
examples of these resources. In the community development
sector, many not-for-profit agencies have been organized and
have sponsored many projects and programs designed to make an
impact on the problem.
In addition, the financial community has helped but
these efforts have been uncoordinated commitments by
individual banking institutions. Much more needs to be done
by all of the banks in our community. It is the
Partnership's belief that the single most pressing need at
this time is the ready availability of additional low cost
financing. It is the further belief of the Partnership that
this pressing need should be met by the entire banking
I community in an organized and coordinated manner. With
| Limited but combined resources committed by the entire
banking industry, the Partnership believes that great strides
can be made in meeting the housing needs of our communities.
|
ee
IIr
' ;
‘ The Partnership's Recommendation for Action
i
i
i
As summarized above, the Partnership believes that
| there is an unfulfilled need for a greater, and broad based
t participation by the banking industry in the Capital Region
[ to create adequate financing opportunities for the
| development of affordable housing.
i
To help fill this need, the Partnership recommends
that the banking industry develop an action plan to implement
the following:
The Concept:
A not-for-profit "Capital Region Affordable Housing
Bank" ("AHB") should be created for the purpose of
reviewing and making loans available for qualified
affordable housing projects within our region.
! Ideally, ABB would be owned and managed by all banks
= a, gee gs . ("member .banks" )--whict ve a‘signific presence in
| weenie ents SARIE AA AROOLLDE shaman
It is anticipated that AHB would be controlled by a
H Board of Directors elected by the member banks, with
some outside Board representation by both public and
{ private sectors from the Region. The bank would be
appropriately staffed by the Board of Directors based
upon the needs of the corporation.
It is suggested that the
operating costs would be
among member banks on an
upon relative asset size
capital necessary to pay
contributed and allocated
annual basis, based primarily
among the members. Each
member bank would also be expected to commit loan
funds on favorable terms
to AHB, (again, primarily
based upon relative asset size). These funds would be
used as a pooled or segregated revolving loan fund for
affordable housing projects (i.e. construction loans
and "permanent" loans to
Region.
qualified individuals) in our
AHB would develop relaxed underwriting criteria and
would make loans available on terms that are
significantly under market, with minimum closing
costs.
AHB would accept referrals from all member banks and
from other Not-for-Profit housing agencies.
Obviously, there are many details and unanswered
guestions, which need to be addressed. For example:
What borrowers will be considered "qualified"?
What criteria will be established to define
“affordable housing"?
What geographical scope will AHB cover?
What will be the exact basis for allocating
commitments by the member banks?
What will the scope of the operation be both in
\ terms of an operating budget, and commitment of
; loan funds?
- What underwriting criteria will apply to
borrowers?
- What policies will be adopted for dealing with bad
. debts? . . s % we. 8
ees ty : 4 f
participation will the public and community
i development sectors have?
Will the loan funds be “pooled" or segregated?
- What terms will be made available by member banks
to AHB and from AHB to qualified borrowers?
April 27, 1988
Albany County Public/Private
Housing Partnership
I
Summary of Mission
The Partnership was formed in 1986 to serve the fol-
lowing purposes: .
The Public/Private Partnership is an organization
oe which brings together on a regular basis leadership
J& ‘from the(major.’community banks, the housing-related
community organizations and the public sector in a
common forum to discuss openly the problems and issues
relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informa-
tional with the hope that local bankers will become
more aware of the needs of low and moderate income
persons and thus enhance their ability to plan and
organize their lending and other financial activities
commensurate with the goals and objectives of the
Community Reinvestment Act.
The further purpose of the Partnership is to assess
the information which is gathered, and in particular,
to assess the needs and existing resources relative to
the affordable housing problem, and to recommend pos-
sible solutions.
II
Summary of the Partnership's
Assessment of the Problem
It is accepted that there is now a substantial unful-
filled need in our communities for good housing that is
"affordable" to the lower-middle and low income segment of
our population. The dramatic increase in real estate values
that have been experienced in our area, "gentrification" of
our urban areas, spiraling costs of new construction of homes
and apartments, shortage of student housing, restrictive zon-
ing, disputes over labor costs in "public" housing projects
and other factors have all contributed to this chronic short-
age.
The public sector has established a number of programs
to help alleviate the problem. The Housing Trust Fund,
Housing Development Action Grant (HODAG), The Affordable
‘ Housing Program, Section 8 Voucher programs represent a few
| examples of these resources. In the community development
sector, many not-for-profit agencies have been organized and
have sponsored many projects and programs designed to make an
impact on the problem.
In addition, the financial community has helped but
these efforts have been uncoordinated commitments by indi-
vidual banking institutions. Much more needs to be done by
all of the banks in our community. It is the Partnership's
belief that the single most pressing need at this time is the
ready availability of additional low cost financing. It is
the further belief of the Partnership that this pressing need
should be met by the entire banking community in an organized
and coordinated manner. With limited but combined resources
committed by the entire banking industry, the Partnership
believes that great strides can be made in meeting the hous-
ing needs of our communities.
If favorable “bank" financing is’tmade more readily
available, it is also believed that Cadditional} private capi-
tal will be forthcoming, thus filling another chronic need
that now exists.
IIl
The Partnership's Recommendation for Action
As summarized above, the Partnership believes that
there is an unfulfilled need for a greater, and broad based
participation by the banking industry in the Capital Region
to create adequate financing opportunities for the develop-
' ment of affordable housing.
To help fill this need, the Partnership recommends
that the banking industry develop an action plan to implement
the following:
The Concept:
Fiber Cutt, . ¢
A not-for-profit "“Capitali:Region’ Affordable Housing doen. fur A
i Bank" ("AHB") should be created for the purpose of f Mis, Co
b reviewing and making loans available for qualified
t affordable housing projects within our region.
Ideally, AHB would be owned and managed by all banks
{
("member banks") which have a significant presence in
the Capital Region.
| It is anticipated that AHB would be controlled by a
f Board of Directors elected by the member banks, with
i some outside Board representation by both public and
| private sectors from the Region. The bank would be
iN
appropriately staffed by the Board of Directors based
upon the needs of the corporation.
It is suggested that the capital necessary to pay op-
erating costs would be contributed and allocated among
member banks on an annual basis, based primarily upon
relative asset size among the members. Each member
bank would also be expected to commit loan funds on
favorable terms to AHB, (again, primarily based upon
relative asset size). These funds would be used as a
pooled or segregated revolving loan fund for afford-
able housing projects (i.e. construction loans and
"permanent" loans to qualified, individuals) in our
Region. an i
AHB would develop relaxed underwriting criteria and
would make loans available on terms that are signifi-
cantly under market, with minimum closing costs.
AHB would accept referrals from all member banks and
from other Not-for-Profit housing agencies.
Obviously, there are many details and unanswered ques-
tions, which need to be addressed. For example:
- What borrowers will be considered "qualified"?
- What criteria will be established to define
"affordable housing"?
- What geographical scope will AHB cover?
ms What will be the exact basis for allocating com-
mitments by the member banks?
- What will the scope of the operation be both in
terms of an operating budget, and commitment of
loan funds?
- What underwriting criteria will apply to borrow-
ers?
- What policies will be adopted for dealing with bad
debts?
- How will AHB be organized? What level of partici-
pation will the public and community development
sectors have?
= Will the loan funds be "pooled" or segregated?
= What terms will be made available by member banks
to AHB and from AHB to qualified borrowers?
i As a next step, it is the hope of the Partnership that
additional representatives of the banking industry
will join with the Partnership in the formation of a
working committee to review these and other questions,
! and make detailed recommendations for the implementa-
tion of the "AHB Concept".
mar/371
Mission Committee Goals Stat
( atement
Draft
The nation has experienced major population shifts
over the past decades which have tended to produce dis-
locations in the universal availability of home financing.
During the same period, there has been & ddepro-
portionate escalation of housing costs relative to family
income.
The combined effect of these phenomena has tanded to
limit access to the "normal" housing market for signifi-
cant numbers of Americans.
In addition to regulating against disinvestment pra-
tices, Federal and State governments have legislated pro-
grams to bridge the gap between market housing costs and
family income.
It has come to be realized over time that the scope
of this problem is such that it cannot be effectively
managed by the public sector alone.
Invariably, the housing programs now espoused by both
Federal and State government require participation by local
government and the private investment sector.
To maximize the utilization of those governmental
housing programs continually available to the citizens of
Albany County, it is deemed appropriate and desirable to
more efficiently marshall the limited resources from the
private investment community .
i
i
Pg. 2
By way of establishing such a permanent privately
financed interfacing capacity, the objective is to create
a legally constituted entity to be professionally managed
and capitalized equitably by ideally all of the federally
and State chartered lending institutions operating in.
the.County of Albany. While the intent and purpose of
this enterprise is to participate in CRA type financings,
in recognition of the fiduciary responsibilities of the
participating institutions, the practices and underwriting
policies of the new organization are to be as determinted
by the Board of Directors as constituted by each partici-
pating lending institution representative.
The establishment of such a coordinated unified effort
will certainly accrue to the benefit of the citizens of the
County as well as to provide a predictable and measurable
vehicle for the participating institution's CRA investment
activity.
April 27, 1988
Albany County Public/Private
Housing Partnership
I
Summary of Mission
The Partnership was formed in 1986 to serve the
following purposes:
The Public/Private Partnership is an organization
which brings together on a regular basis leadership
from the major community banks, the housing-related
community organizations and the public sector ina
common forum to discuss openly the problems and issues
relating to low and moderate income housing in Albany
County. The purpose of the Partnership is
informational with the hope that local bankers will
become more aware of the needs of low and moderate
income persons and thus enhance their ability to plan
and organize their lending and other financial
activities commensurate with the goals and objectives
of the Community Reinvestment Act.
The further purpose of the Partnership is to assess
the information which is gathered, and in particular, to
assess the needs and existing resources relative to the
affordable housing problem, and to recommend possible
solutions.
——
Ir
Summary of the Partnership's
Assessment of the Problem
It is accepted that there is now a substantial
unfulfilled need in our communities for good housing that is
"affordable" to the Lower-middle and low income segment of
our population. The dramatic increase in real estate values
that have been experienced in our area, "gentrification" of
our urban areas, spiraling costs of new construction of homes
and apartments, shortage of student housing, restrictive
zoning, disputes over labor costs in "public" housing
projects and other factors have all contributed to this
chronic shortage.
The public sector has established a number of programs
to help alleviate the problem. The Housing Trust Fund,
Housing Development Action Grant (HODAG), The Affordable
Housing Program, Section 8 Voucher programs represent a few
examples of these resources. In the community development
sector, many not-for-profit agencies have been organized and
have sponsored many projects and programs designed to make an
impact on the problem,
i
I
y
ft
In addition, the financial community has helped but
these efforts have been uncoordinated commitments by
individual banking institutions, Much more needs to he done
by all of the banks in our community. It is the
Partnership's belief that the single most pressing need at
this time is the ready availability of additional low cost
financing. It is the further belief of the Partnership that
this pressing need should be met by the entire banking
community in an organized and coordinated manner. With
Limited but combined resources committed by the entire
banking industry, the Partnership believes that great strides
can be made in meeting the housing needs of our communities.
'
i
II1
The Partnership's Recommendation for Action
As summarized above, the Partnership believes that
there is an unfulfilled need for a greater, and broad based
participation by the banking industry in the Capital Region
to create adequate financing opportunities for the
development of affordable housing.
To help fill this need, the Partnership recommends
that the banking industry develop an action plan to implement
the following:
The Concept:
A not-for-profit "Capital Region Affordable Housing
Bank" ("AHB") should be created for the purpose of
reviewing and making loans available for qualified
affordable housing projects within our region.
Ideally, AHB would be owned and managed by all banks
("member banks") which have a significant presence in
the Capital Region.
It is anticipated that AHB would be controlled by a
Board of Directors elected by the member banks, with
some outside Board representation by both public and
private sectors from the Region. The bank would be
appropriately staffed by the Board of Directors based
upon the needs of the corporation.
It is suggested that the capital necessary to pay
operating costs would be contributed and allocated
among member banks on an annual basis, based primarily
i upon relative asset size among the members. Hach
member bank would also be expected to commit loan
funds on favorable terms to AHB, (again, primarily
based upon relative asset size). These funds would be
used as a pooled or segregated revolving loan fund for
affordable housing projects (i.e. construction loans
i and "permanent" loans to qualified individuals) in our
Region.
i AHB would develop relaxed underwriting criteria and
‘ would make loans available on terms that are
significantly under market, with minimum closing
costs.
AHB would accept referrals from all member banks and
from other Not-for-Profit housing agencies.
:
|
i
H
i
i
Obviously, there are many details and unanswered
questions, which need to be addressed. For example:
What borrowers will be considered "qualified"?
What criteria will be established to define
"affordable housing"?
What geographical scope will AHB cover?
What will be the exact basis for allocating
commitments by the member banks?
What will the scope of the operation be both in
terms of an operating budget, and commitment of
loan funds?
What underwriting criteria will apply to
borrowers?
What policies will be adopted for dealing with bad
debts?
How will AHB be organized? What level of
participation will the public and community
development sectors have?
Will the loan funds be "pooled" or segregated?
What terms will be made available by member banks
to AHB and from AHB to qualified borrowers?
i
i
i
I
i
i
i
:
As a next step, it is the hope of
additional representatives of the
will join with the Partnership in
working committee to review these
and make detailed recommendations
the Partnership that
banking industry
the formation of a
and other questions,
for the
implementation of the "AHB Concept".
May 6, 1988
Albany County Public/Private
Housing Partnership
I
Summary of Mission
The Partnership was formed in 1986 to serve the fol-
lowing purposes:
The Public/Private Partnership is an organization
which brings together on a regular basis leadership
from the major community banks, the housing-related
community organizations and the public sector in a
common forum to discuss openly the problems and issues
relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informa-
tional with the hope that local bankers will become
more aware of the needs of low and moderate income
persons and thus enhance their ability to plan and
organize their lending and other financial activities
commensurate with the goals and objectives of the
Community Reinvestment Act.
The further purpose of the Partnership is to assess
the information which is gathered, and in particular,
to assess the needs and existing resources relative to
the affordable housing problem, and to recommend pos~
sible solutions.
II
Summary of the Partnership's
Assessment of the Problem
It is accepted that there is now a substantial unful-
filled need in our communities for good housing that is
"affordable" to the lower-middle and low income segment of
our population. The dramatic increase in real estate values
that have been experienced in our area, "gentrification" of
our urban areas, spiraling costs of new construction of homes
and apartments, shortage of student housing, restrictive zon-
ing, disputes over labor costs in "public" housing projects
and other factors have all contributed to this chronic short-
age.
The public sector has established a number of programs
to help alleviate the problem. The Housing Trust Fund,
Housing Development Action Grant (HODAG), The Affordable
Housing Program, Section 8 Voucher programs represent a few
examples of these resources. In the community development
sector, many not-for-profit agencies have been organized and
have sponsored many projects and programs designed to make an
impact on the problem.
In addition, the financial community has helped but
these efforts have been uncoordinated commitments by indi-
vidual banking institutions. Much more needs to be done by
all of the banks in our community. It is the Partnership's
belief that the single most pressing need at this time is the
ready availability of additional low cost financing. It is
the further belief of the Partnership that this pressing need
should be met by the entire banking community in an organized
and coordinated manner. With limited but combined resources
committed by the entire banking industry, the Partnership
believes that great strides can be made in meeting the hous-
ing needs of our communities.
If favorable "“bank" financing is made more readily
available, it is also believed that other private capital
will be forthcoming, thus helping to fill another chronic
need.
III
The Partnership's Recommendation for Action
As summarized above, the Partnership believes that
there is an unfulfilled need for a greater, and broad based
participation by the banking industry in the Capital Region
to create adequate financing opportunities for the develop-
ment of affordable housing.
To help fill this need, the Partnership recommends
that the banking industry develop an action plan to implement
the following:
The Concept:
A not-for-profit corporation "Affordable Housing Loan
Fund of Albany County, Inc." ("AHLF") should be
created for the purpose of reviewing and making loans
available for gualified affordable housing projects
within our region. Ideally, AHLF would be owned and
managed by all banks ("member banks") which have a
significant presence in the Capital Region.
It is anticipated that AHLF would be controlled by a
Board of Directors elected by the member banks, with
some outside Board representation by both public and
private sectors from the Region. The bank would be
|
I
'
appropriately staffed by the Board of Directors based
upon the needs of the corporation.
It is suggested that the capital necessary to pay op-
erating costs would be contributed and allocated among
member banks on an annual basis, based primarily upon
relative asset size among the members. Each member
bank would also be expected to commit loan funds on
favorable terms to AHLF, (again, primarily based upon
relative asset size). These funds would be used as a
pooled or segregated revolving loan fund for
affordable housing projects (i.e. construction loans
and "permanent" loans to qualified projects and
individuals) in our Region.
AHLF would develop relaxed underwriting criteria and
would make loans available on terms that are
significantly under market, with minimum closing
costs.
AHLF would accept referrals from all member banks and
from other Not-for-Profit housing agencies.
Obviously, there are many details and unanswered ques-
tions, which need to be addressed. For example:
~- What borrowers will be considered "qualified"?
= What criteria will be established to define
“affordable housing"?
= What will be the exact basis for allocating
commitments by the member banks?
- What will the scope of the operation be both in
terms of an operating budget, and commitment of
loan funds?
- What underwriting criteria will apply to borrow-
ers?
- What policies will be adopted for dealing with bad
debts?
- How will AHLF be organized? What level of
Participation will the public and community
development sectors have?
- Will the loan funds be "pooled" or segregated?
= What terms will be made available by member banks
to AHLF and from AHLF to qualified borrowers?
As a next step, it is the hope of the Partnership that
additional representatives of the banking industry
will join with the Partnership in the formation of a
working committee to review these and other questions,
and make detailed recommendations for the implementa-~
tion of the "AHLF Concept".
i
‘
i
The working Committee meeting has been scheduled for
Thursday, May 19 at 9:30 a.m. ending promptly by 11:00 a.m.,
at Norstar Bank, State Street, 16th floor conference room.
mar/371
May 6, 1988
Albany County Public/Private
Housing Partnership
ag
Summary of Mission
The Partnership was formed in 1986 to serve the fol-
lowing purposes:
The Public/Private Partnership is an organization
which brings together on a regular basis leadership
from the major community banks, the housing-related
community organizations and the public sector in a
common forum to discuss openly the problems and issues
relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informa-
tional with the hope that local bankers will become
more aware of the needs of low and moderate income
persons and thus enhance their ability to plan and
organize their lending and other financial activities
commensurate with the goals and objectives of the
Community Reinvestment Act.
The further purpose of the Partnership is to assess
the information which is gathered, and in particular,
to assess the needs and existing resources relative to
the affordable housing problem, and to recommend pos-
sible solutions.
II
Summary of the Partnership's
Assessment of the Problem
It is accepted that there is now a substantial unful-
filled need in our communities for good housing that is
"affordable" to the lower-middle and low income segment of
our population. The dramatic increase in real estate values
that have been experienced in our area, "gentrification" of
our urban areas, spiraling costs of new construction of homes
and apartments, shortage of student housing, restrictive zon-
ing, disputes over labor costs in "public" housing projects
and other factors have all contributed to this chronic short-
age.
The public sector has established a number of programs
to help alleviate the problem. The Housing Trust Fund,
Housing Development Action Grant (HODAG), The Affordable
|
i
i
|
Housing Program, Section 8 Voucher programs represent a few
examples of these resources. In the community development
sector, many not-for-profit agencies have been organized and
have sponsored many projects and programs designed to make an
impact on the problem.
In addition, the financial community has helped but
these efforts have been uncoordinated commitments by indi-
vidual banking institutions. Much more needs to be done by
all of the banks in our community. It is the Partnership's
belief that the single most pressing need at this time is the
ready availability of additional low cost financing. It is
the further belief of the Partnership that this pressing need
should be met by the entire banking community in an organized
and coordinated manner. With limited but combined resources
committed by the entire banking industry, the Partnership
believes that great strides can be made in meeting the hous-
ing needs of our communities.
If favorable "bank" financing is made more readily
available, it is also believed that other private capital
will be forthcoming, thus helping to fill another chronic
need.
III
The Partnership's Recommendation for Action
As summarized above, the Partnership believes that
there is an unfulfilled need for a greater, and broad based
participation by the banking industry in the Capital Region
to create adequate financing opportunities for the develop-
ment of affordable housing.
To help fill this need, the Partnership recommends
that the banking industry develop an action plan to implement
the following:
The Concept:
A not-for-profit corporation "Affordable Housing Loan
Fund of Albany County, Inc." ("AHLF") should be
created for the purpose of reviewing and making loans
available for qualified affordable housing projects
within our region. Ideally, AHLF would be owned and
managed by all banks ("member banks") which have a
significant presence in the Capital Region.
It is anticipated that AHLF would be controlled by a
Board of Directors elected by the member banks, with
some outside Board representation by both public and
private sectors from the Region. The bank would be
H
i
\
I
\
|
i
i
|
appropriately staffed by the Board of Directors based
upon the needs of the corporation.
It is suggested that the capital necessary to pay op-
erating costs would be contributed and allocated among
member banks on an annual basis, based primarily upon
relative asset size among the members. Each member
bank would also he expected to commit loan funds on
favorable terms to AHLF, (again, primarily based upon
relative asset size). These funds would be used as a
pooled or segregated revolving loan fund for
affordable housing projects (i.e. construction loans
and "permanent" loans to qualified projects and
individuals) in our Region.
AHLF would develop relaxed underwriting criteria and
would make loans available on terms that are
significantly under market, with minimum closing
costs.
AHLF would accept referrals from all member banks and
from other Not-for-Profit housing agencies.
Obviously, there are many details and unanswered ques-
tions, which need to be addressed. For example:
- What borrowers will be considered "qualified"?
- What criteria will be established to define
"affordable housing"?
- What will be the exact basis for allocating
commitments by the member banks?
- What will the scope of the operation be both in
terms of an operating budget, and commitment of
loan funds?
- What underwriting criteria will apply to borrow-
ers?
- What policies will be adopted for dealing with bad
debts?
= How will AHLF be organized? What level of
participation will the public and community
development sectors have?
- Will the loan funds be "pooled" or segregated?
mn What terms will be made available by member banks
to AHLF and from AHLF to qualified borrowers?
As a next step, it is the hope of the Partnership that
additional representatives of the banking industry
will join with the Partnership in the formation of a
working committee to review these and other questions,
and make detailed recommendations for the implementa-
tion of the "AHLF Concept".
The working Committee meeting has been scheduled for
Thursday, May 19 at 9:30 a.m. ending promptly by 11:00 a.m.,
at Norstar Bank, State Street, 16th floor conference room.
mar/371
ALBANY COUNTY PUBLIC/PRIVATE PARTNERSHIP
STATEMENT OF MISSION
The Public/Private Partnership is an. organization which
brings together on a regular basis leadership from the major com-
munity banks, the housing-related community organizations and the
public sector in a common forum to discuss openly the problems
and issues relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informational with the
hope that local bankers will become more aware of the needs of
low and moderate income persons and thus enchance their ability
to plan and organize their lending and other financial activities
commensurate with the goals and objectives of the Community
Reinvestment Act.
In fulfilling our mission, the Partnership will seek to
establish a working relationship with the Mayor's Task Force on
Housing in the City of Albany by requesting input and offering to
be a resource on specific issues or projects under consideration
by the Task Force. A similar relationship will be sought with
the Albany County Coalition for Affordable Housing on areas of
mutual concern.
i ~
A close working relationship with the Consumer Affairs ™
! / Division of the Federal Reserve Bank of New York is deemed proper
' and advisable. As a medium to disseminate information in regard
H to low and moderate income housing issues, problems and programs
| to the entire banking population of Albany County, we shall seek
| to join with the Consumer Affairs Division to co-sponsor three
(3) regional community bank forums each year commencing in early
\ 1987. oj
To strengthen the three-way nature of the Partnership, the
focus of the agenda should rotate among the three sectors (banks,
community groups and the public sector). One person from each
sector should serve as coordinators of the partnership to see
that agendas and meetings are properly planned and that recommen-
. dations made are properly monitored. Meetings should be held not
i to exceed ninety (90) minutes once a month and the length of pre-
sentations should provide adequate time for discussion of each
item.
The Partnership will operate on an informal basis and serve
as a forum for an open and frank exchange of ideas and informa-
tion. Participants do not commit finances, staff time or other
resources as a condition for participation, nor are they obli-
gated to participate directly in any project endorsed or recom-
mended by the Partnership as a whole. Direct solicitations for
contributions or participation in housing-related programs will
not be made at regular meetings.
This non-binding Statement of Mission will serve as a guide-
i line for the work of the Partnership for the next twelve (12)
i months and will become effective upon signing by all twelve (12)
participants.
|
[
ALBANY COUNTY PUBLIC/PRIVATE PARTNERSHIP
STATEMENT OF MISSION
The Public/Private Partnership is an organization which
brings together on a regular basis leadership from the major com-
munity banks, the housing-related community organizations and the
public sector in a common forum to discuss openly the problems
and issues relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informational with the
hope that local bankers will become more aware of the needs of
low and moderate income persons and thus enchance their ability
to plan and organize their lending and other financial activities
commensurate with the goals and objectives of the Community
Reinvestment Act.
In fulfilling our mission, the Partnership will seek to
establish a working relationship with the Mayor's Task Force on
Housing in the City of Albany by requesting input and offering to
be a resource on specific issues or projects under consideration
by the Task Force. A similar relationship will be sought with
the Albany County Coalition for Affordable Housing on areas of
mutual concern.
A close working relationship with the Consumer Affairs
Division of the Federal Reserve Bank of New York is deemed proper
and advisable. As a medium to disseminate information in regard
to low and moderate income housing issues, problems and programs
to the entire banking population of Albany County, we shall seek
to join with the Consumer Affairs Division to co-sponsor three
(3) regional community bank forums each year commencing in early
1987.
To strengthen the three-way nature of the Partnership, the
focus of the agenda should rotate among the three sectors (banks,
community groups and the public sector). One person from each
sector should serve as coordinators of the partnership to see
that agendas and meetings are properly planned and that recommen-
dations made are properly monitored. Meetings should be held not
to exceed ninety (90) minutes once a month and the length of pre-
sentations should provide adequate time for discussion of each
item.
The Partnership will operate on an informal basis and serve
as a forum for an open and frank exchange of ideas and informa-
tion. Participants do not commit finances, staff time or other
resources as a condition for participation, nor are they obli-
gated to participate directly in any project endorsed or recom-
mended by the Partnership as a whole. Direct solicitations for
contributions or participation in housing-related programs will
not be made at regular meetings.
This non-binding Statement of Mission will serve as a guide-
line for the work of the Partnership for the next twelve (12)
months and will become effective upon signing by all twelve (12)
participants.
ALBANY COUNTY PUBLIC/PRIVATE PARTNERSHIP
STATEMENT OF MISSION
The Public/Private Partnership is an organization which
brings together on a regular basis leadership from the major com-
munity banks, the housing-related community organizations and the
public sector in a common forum to discuss openly the problems
and issues relating to low and moderate income housing in Albany
County. The purpose of the Partnership is informational with the
hope that local bankers will become more aware of the needs of
low and moderate income persons and thus enchance their ability
to plan and organize their lending and other financial activities
commensurate with the goals and objectives of the Community
Reinvestment Act.
In fulfilling our mission, the Partnership will seek to
establish a working relationship with the Mayor's Task Force on
Housing in the City of Albany by requesting input and offering to
be a resource on specific issues or projects under consideration
by the Task Force. A similar relationship will be sought with
the Albany County Coalition for Affordable Housing on areas of
mutual concern.
A close working relationship with the Consumer Affairs
Division of the Federal Reserve Bank of New York is deemed proper
and advisable. As a medium to disseminate information in regard
to low and moderate income housing issues, problems and programs
to the entire banking population of Albany County, we shall seek
to join with the Consumer Affairs Division to co-sponsor three
(3) regional community bank forums each year commencing in early
1987.
To strengthen the three-way nature of the Partnership, the
focus of the agenda should rotate among the three sectors (banks,
community groups and the public sector). One person from each
sector should serve as coordinators of the partnership to see
that agendas and meetings are properly planned and that recommen-
dations made are properly monitored. Meetings should be held not
to exceed ninety (90) minutes once a month and the length of pre-
sentations should provide adequate time for discussion of each
item.
The Partnership will operate on an informal basis and serve
as a forum for an open and frank exchange of ideas and informa-
tion. Participants do not commit finances, staff time or other
resources as a condition for participation, nor are they obli-
gated to participate directly in any project endorsed or recom-
mended by the Partnership as a whole. Direct solicitations for
contributions or participation in housing-related programs will
not be made at regular meetings.
This non-binding Statement of Mission will serve as a guide-
line for the work of the Partnership for the next twelve (12)
months and will become effective upon signing by all twelve (12)
participants.
ce
Ae fine pei & son
had pOf aw tas
dle gles frre ees he fap lta fa bn
Hous #9
ALBANY COUNTY PUBLIC-PRIVATE PARTNERSHIP
The purposes of the Albany County Public-Private Partnership are:
* To promote the development of an adequate supply of housing
that is affordable for. low and moderate income people in
Albany County.
* To provide a forum for the frank exchange of ideas and
information concerning the need for affordable housing in
Albany County and the obstacles faced in efforts to meet
these needs.
* To assess the extent to which debt financing is necessary
and appropriate for the development of housing that is
affordable for low and moderate income people in Albany
County, and to determine the loan amounts and terms required
by current and projected affordable housing projects
* To assess existing development capability and existing
financial resources for the development of affordable
housing in Albany County, and to determine what additional
capabilities and resources are needed.
* To assess various models of housing development and finance
to determine the most efficient uses of available capital in
meeting long-term needs for affordable housing in Albany
County.
demute ¥6
* To aSsess the ability of local banks, savings and loans, and
other private lenders to meet current and projected needs
for debt financing for the development of affordable
housing, and to identify obstacles that may make it
difficult for these/institutions to meet these needs
Tey og
ad Cees
* To identify and develop processes and mechanisms that will
assist affordable housing projects in gaining access to
needed debt financing from private financial institutions,
and that will assist these institutions in meeting the
community's need for credit in this regard.
fe sdecki fy 1 obeles s 6d tiowal Poem ey povdl POEANUS RE CEs avy I
Complete bam bevstog poet
¢ isle vet A an preety
rn ae eee
The Public-Private Partnership will pursue its purposes by:
* Holding monthly meetings for the purpose of gathering,
analyzing, and organizing information and ideas.
* Preparing written reports on its findings.
| * Cooperating with the Mayor's Task Force on Housing in the
I City of Albany, the Albany County Coalition for Affordable
Housing, the Capital District Community Loan Fund, and other
local groups in assessing housing~-related needs and in
developing proposals to meet these needs.
* Cooperating with the Consumer Affairs Division of the
Federal Reserve Bank of New York and other public regulators
of private financial institutions in order to help these
# private financial institutions to meet local credit needs
i relating to affordable housing.
* Making presentations to representatives of local financial
institutions and other groups concerning housing-related
financial needs and possible ways to meet these needs.
gp cath caf wae pre kT .
W petvade seek! develeyees r Owlers
Objectives for 1987:
* Arrange presentations to the Partnership by:
* Develop a written report on the need for financing for
affordable housing for low and moderate income people in
Albany County.
i
|
|
\
i
i
\
'
H
|
|
| * Organize sub-committees to pursue the following tasks:
i
i
i
|
i
{
i * Make presentations to the following groups:
|
|
|
PURPOSES OF THE ALBANY COUNTY PUBLIC-PRIVATE HOUSING PARTNERSHIP
The essential purpose of the Albany County: Public-Private
Partnership is to promote the development of an adequate supply
of housing that is affordable for low and moderate income people
in Albany County. ~Toward this end, the Partnership has the
following specific purposes:
Sharing Information
* To provide a forum for the frank exchange of ideas and
information concerning the need for affordable housing in
Albany County and the obstacles faced in efforts to meet
these needs.
Assessing Needs and Resources
* To assess existing development capability and existing
financial resources for the development of affordable
housing in Albany County, and to determine what additional
capabilities and resources are needed.
To assess various models of housing development and finance
to determine the most efficient uses of available capital in
meeting long-term affordable housing needs in Albany County.
To assess the extent to which debt financing is necessary
and appropriate for the development of housing that is
affordable for low and moderate income people in Albany
County, and to determine the loan amounts and terms required
by current and projected affordable housing projects.
To assess the ability of local banks, savings and loans, and
other private lenders to meet current and projected needs
for debt financing for the development of affordable
housing, and to identify obstacles that may make it
difficult for these institutions to meet these needs.
Identifying and Recommending Solutions
* To identify, formulate, and recommend financially feasible
approaches to the developement of affordable housing in
Albany County.
To identify, formulate, and recommend processes and
mechanisms that will assist affordable housing projects in
gaining access to needed debt financing from lending
institutions, and that will assist these institutions in
meeting the community's need for credit in this regard.
Implementing Recommendations
* To implement recommended solutions when appropriate and
feasible, and to assist other organizations and agencies in
implementing such solutions.
The Affordable Housing Partnership has been organized to address one of the
most critical factors influencing housing affordability: the cost and avail-
ability of mortgage and construction financing. The Housing Partnership, a
coalition of nonprofit housing organizations, public agencies, banking institu-
tions, and the Albany-Colonie Regional Chamber of Commerce began meeting in 1986
to raise awareness within the banking community of the special financing needs of
low-income housing projects. -The result of those discussions js a $7.5 million
program of flexible financing, targeted at producing and maintaining affordable
housing.
The Program:
Fifteen banks in Albany County have conmitted $6 million for permanent
financing and $1.5 million in a revolving construction loan pool to be used by
owners and developers of affordable housing. The permanent financing is available
at fixed, below-market interest rates, with loan terms of up to 30 years, and
minimal closing costs. The construction financing is also available at below-
market rates.
The Partnership will give priority to those feasible projects which clearly
benefit low- and moderate-income families and which help preserve affordability
over the long term. Funds are available for owner-occupied single family housing
as well as for larger projects, and loans will be made in urban, rural and
suburban areas in Albany County.
How the Program Works:
The program works through two organizations. The Affordable Hous ing
Partnership will accept applications for joans and refer projects which meet the
Partnership's lending priorities to the Capital Affordable Housing Funding
Corporation. The Funding Corporation is a nonprofit organization whose members
are the banks who have conmitted funds to this program. Mortgage conmitments and
joans will be made by the Funding Corporation. The operations of the program will
be funded through charitable contributions, interest income and servicing fees.
Fundraising Campaign:
The Program is in need of $130,000 in seed money to sustain its operations
for the first two years until money can be earned from interest and fee income.
The banks and the public sector members have already contributed a total of
$40,000 to this one-time solicitation. Members of the Partnership are contacting
others in the business community to encourage their participation.
AFFORDABLE HOUSING PARTNERSHIP OF ALBANY COUNTY, INC,
CAPITAL AFFORDABLE HOUSING FUNDING CORPORATION
518 Broadway, Albany, New York 12207 (518) 434-1214
|
|
5” 6
for
PURPOSES OF THE ALBANY COUNTY PUBLIC-PRIVATE! PARTNERSHIP
Sharing Information
* To provide a forum for the frank exchange of ideas and
information concerning the need for affordable housing in
Albany County and the obstacles faced in efforts to meet
these needs.
Assessing Needs and Resources
* To assess existing development Capability and existing
financial resources for the development of affordable
housing in Albany County, and to determine what additional
capabilities and resources are needed.
To assess various models of housing development and finance
to determine the most efficient uses of available capital in
meeting long-term needs for affordable housing in Albany
County.
To assess the extent to which debt financing is necessary
and appropriate for the development of housing that is
affordable for low and moderate income people in Albany
‘County, and to determine the loan amounts and terms required
by current and projected affordable housing projects
To assess the ability of local banks, savings and loans, and
other private lenders to meet current and projected needs
for debt financing for the development of affordable
housing, and to identify obstacles that may make it
difficult for these institutions to meet these needs.
Identifying and Recommending Solutions
* To identify, formulate, and recommend financially feasible
approaches to the developg¢ment of affordable housing in
Albany County.
To identify, formulate, and recommend processes and
mechanisms that will assist affordable housing projects in
gaining access to needed debt financing from lending
institutions, and that will assist these institutions in
meeting the community's need for credit in this regard.
Implementing Recommendations
“To assist appropriate organizations and agencies in “4h
implementing recommended solutions, and if Np ape aol * fe aaar'h ;
dhs Maple ment duck gy bekows
ALBANY COUNTY PUBLIC-PRIVATE PARTNERSHIP
ACTIVITIES
The Public-Private Partnership will pursue its purposes by:
* Holding monthly meetings for the purpose of gathering,
analyzing, and organizing information and ideas.
Preparing written reports on its findings.
Cooperating with the Mayor's Task Force on Housing in the
City of Albany, the Albany County Coalition for Affordable
Housing, the Capital District Community Loan Fund, and other
local groups in assessing housing-related needs and in
developing proposals to meet these needs.
oo Ce pecs yt Banking Pip
Cooperating with the Consumer Affairs Division of they
Federal Reserve Bank of New York And other public regulators
of private financial institutiong in order to help local
financial institutions to meet local credit needs relating
to affordable housing.
Making presentations to representatives of local financial
institutions and other groups concerning housing-related
financial needs and possible ways to meet these needs.
:
i oe ed A related ping aia.
!
|
1
b
i
\
ALBANY COUNTY PUBLIC/PRIVATE PARTNERSHIP
PHILOSOPHY
To stimulate balanced growth throughout Albany county.
To emphasize the need for increased low and moderate income
housing and housing-related programs.
To encourage private sector participation in achieving
balanced housing development.
To provide and stimulate cooperation between the banking
community, the community based housing-related organiza-
tions and the public sector.
To assist local bank management to organize, plan and assess
their lending and other financial activities with community
reinvestment needs in mind.
To provide a forum for the frank exchange of ideas and
information.
i
ALBANY COUNTY PUBLIC/PRIVATE PARTNERSHIP
PHILOSOPHY
To stimulate balanced growth throughout Albany County.
To emphasize the need for increased low and moderate income
housing and housing-related programs.
To encourage private sector participation in achieving
balanced housing development.
To provide and stimulate cooperation between the banking
community, the community based housing-related organiza-
tions and the public sector.
To assist local bank management to organize, plan and assess
their lending and other financial activities with community
reinvestment needs in mind.
To provide a forum for the frank exchange of ideas and
information.
' ALBANY COUNTY PUBLIC-PRIVATE HOUSING PARTNERSHIP
ACTIVITIES
i The Public-Private Housing Partnership will pursue its purposes
Holding monthly meetings for the purpose of gathering,
analyzing, and organizing information and ideas.
Preparing written reports on its findings.
* Cooperating with the Mayor's Task Force on Housing ‘in the
City of Albany, the Albany County Coalition for Affordable
Housing, the Capital District Community Loan Fund, and other
local groups in assessing housing-related needs and in
developing proposals to meet these needs,
Cooperating with the Consumer Affairs Division of the
i Federal Reserve Bank of New York, the State Banking
i Department, and other public regulators of private financial
| institutions, in order to help local financial institutions
i to meet local credit needs relating to affordable housing.
Making presentations to representatives of local financial
institutions and other groups concerning housing-related
financial needs and possible ways to meet these needs
ALBANY COUNTY PUBLIC-PRIVATE PARTNERSHIP
ACTIVITIES
The Public-Private Partnership will pursue its purposes by:
* Holding monthly meetings for the purpose of gathering,
analyzing, and organizing information and ideas.
* Preparing written reports on its findings.
* Cooperating with the Mayor's Task Force on Housing in the
City of Albany, the Albany County Coalition for Affordable
Housing, the Capital District Community Loan Fund, and other
local groups in assessing housing-related needs and in
developing proposals to meet these needs.
* Cooperating with the Consumer Affairs Division of the
Federal Reserve Bank of New York, the State Banking
j Department, and other public regulators of private financial
i institutions, in order to help local financial institutions
| to meet local credit needs relating to affordable housing.
i
i
* Making presentations to representatives of local financial
institutions and other groups concerning housing-related
financial needs and possible ways to meet these needs.
t
t
A BETTER PLACE TO LIVE
UNITED TENANTS OF ALBANY
436-8997
WE CAN'T DO IT ALONE
33 CLINTON AVENUE
ALBANY, NEW YORK 12207
June 3, 1987
The United Tenants of Albany affirms two basic principles in advocating
for affordable housing. The first is that workers who puild our housing
(and produce the rest of the goods and services in our ‘society) must be able
to earn enough to purchase them. The second is that housing produced by the
housing industry (including organized labor) must be affordable to the workers
who are most in need of housing in our society. We are encouraged that both
principles can be maintained in developing desperately needed low and moderate
income housing in Albany.
PURPOSES OF THE ALBANY COUNTY PUBLIC-PRIVATE PARTNERSHIP
The essential purpose of the Albany County Public-Private
Partnership is to promote the development of an adequate supply
of housing that is affordable for low and moderate income people
in Albany County. Toward this end, the Partnership has the
following specific purposes:
Sharing Information
* To provide a forum for the frank exchange of ideas and
information concerning the need for affordable housing in
Albany County and the obstacles faced in efforts to meet
these needs.
Assessing Needs and Resources
* To assess existing development. capability and existing
financial resources for the development of affordable
housing in Albany County, and to determine what additional
Capabilities and resources are needed.
To assess various models of housing development and finance
to determine the most efficient uses of available capital in
meeting long-term needs for affordable housing in Albany
County.
To assess the extent to which debt financing is necessary
and appropriate for the development of housing that is
affordable for low and moderate income people in Albany
County, and to determine the loan amounts and terms required
by current and projected affordable housing projects.
To assess the ability of local banks, savings and loans, and
other private lenders to meet current and projected needs
for debt financing for the development of affordable
housing, and to identify obstacles that may make it
difficult for these institutions to meet these needs
Identifying and Recommending Solutions
* To identify, formulate, and recommend financially feasible
approaches to the deve lop¢ément of affordable housing in
Albany County.
To identify, formulate, and recommend processes and
mechanisms that will assist affordable housing projects in
gaining access to needed debt financing from lending
institutions, and that will assist these institutions in
meeting the community's need for credit in this regard
Implementing Recommendations
* To assist appropriate organizations and agencies in
implementing recommended solutions.
I
|
i
i
|
ALBANY COUNTY PUBLIC-PRIVATE PARTNERSHIP
ACTIVITIES
The Public-Private Partnership will pursue its purposes by:
* Holding monthly meetings for the purpose of gathering,
analyzing, and organizing information and ideas.
Preparing written reports on its findings.
Cooperating with the Ma
yor's Task Force on Housing in the
City of Albany,
the Albany County Coalition for Affordable
Housing, the Capital District Community Loan Fund, and other
local groups in assessing housing-related needs and in
developing proposals to meet these needs.
Cooperating with the Consu
Federal Reserve Bank of N
to affordable housing.
Making presentations to representatives of local financial
institutions and other groups concerning housing-related
financial needs and possible ways to meet these needs.
A BETTER PLACE TO LIVE
|
i
UNITED TENANTS OF ALBANY
436-8997
WE CAN'T DO IT ALONE
33 CLINTON AVENUE
ALBANY, NEW YORK 12207
June 3, 1987
The United Tenants of Albany affirms two basic principles in advocating
for affordable housing. The first is that workers who build our housing
(and produce the rest of the goods and services in our society) must be able
i to earn enough to purchase them. The second is that housing produced by the
housing industry (including organized labor) must be affordable to the workers
who are most in need of housing in our society. We are encouraged that both
principles can be maintained in developing desperately needed low and moderate
income housing in Albany.
A BETTER PLACE TO LIVE
UNITED TENANTS OF ALBANY
436-8997
WE CAN'T DO IT ALONE
33 CLINTON AVENUE
ALBANY, NEW YORK 12207
June 3, 1987
The United Tenants of Albany affirms two ‘basic principles in advocating
for affordable housing. The first is that' workers who build our housing
(and produce the rest of the goods and services in our society) must be able
to earn enough to purchase them. The second is that housing produced by the
housing industry (including organized labor) must be affordable to the workers
who are most in need of housing in our society. We are encouraged that both
principles can be maintained in developing desperately needed low and moderate
income housing in Albany.
In Copyright