Plugged In @ Hinman Straub

December 22, 2023

What’s Inside

  • Governor Issues Guidance to Manage Climate Risk at Banking and Mortgage Institutions
  • Governor Signs Bill Creating Commission to Study Reparation and Racial Justice
  • Governor Updates New Yorkers on Statewide Housing Progress
  • Department of Labor Reports Private Sector Employment Rising
  • Governor Grants Clemency
  • Political Updates
  • Coming Up

Governor Issues Guidance to Manage Climate Risk at Banking and Mortgage Institutions

Governor Kathy Hochul has announced that the New York State Department of Financial Services (DFS) adopted guidance for New York State-regulated banking and mortgage institutions to help them manage their material financial and operational risks associated with climate change.

The guidance is designed to support Institutions’ efforts to identify, measure, monitor, and control their material climate-related financial and operational risks in a manner consistent with current risk management principles. It addresses key components of prudent risk management by Institutions — including corporate governance, internal control frameworks, risk management processes and data collection and analysis — so that Institutions will incorporate assessment of these risks into their existing risk frameworks, taking a strategic and forward-looking approach.

The full guidance can be accessed here.

In addition, DFS will be hosting a webinar to provide an overview of the guidance on January 11, 2024, at 11:00 a.m. Click here to register.

Governor Signs Bill Creating Commission to Study Reparation and Racial Justice

On Tuesday, Governor Hochul held a press conference at the New York Historical Society in New York City to sign legislation establishing a commission to study reparations and racial justice in New York State. The Governor was joined by New York State Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins.

The commission will be tasked with examining the legacy of slavery, subsequent discrimination against people of African descent, and the impact these forces continue to have in the present day. Specifically, the legislation signed by Governor Hochul (S.1163A – Saunders/A.7691 – Solages) acknowledges the significant role the institution of slavery played in the establishment and history of New York. The legislation establishes the community commission on reparations remedies, which will be composed of nine members who are especially qualified to serve by virtue of their expertise, education, training, or lived experience in the fields of African or American studies, the criminal legal system, human rights, civil rights, reparations organizations, and other relevant fields.

More information can be found here.

Governor Hochul said:

Today, we are continuing our efforts to right the wrongs of the past by acknowledging the painful legacy of slavery in New York. We have a moral obligation to reckon with all parts of our shared history as New Yorkers, and this commission marks a critical step forward in these efforts.

Governor Updates New Yorkers on Statewide Housing Progress

This week, Governor Hochul updated New Yorkers on the progress achieved through previous executive actions put in place back in July surrounding the state’s housing crisis and its efforts to increase housing supply. Subsequently, the Governor announced more than $430 million in bonds and subsidies to help expand the housing supply, creating over 1,500 homes across New York.

Progress discussed by the Governor surrounded the following areas:

  • Gowanus housing growth;
  • Repurposing sate-owned land housing; and
  • New financing for more than 1,500 homes.

Housing projects include the following:

New York City

  • $47 million for the acquisition and adaptive reuse of the JFK Hilton Hotel to create 318 homes in Queens. The JFK Hilton Hotel will be converted into Baisely Pond Residences, a development with 318 apartments, including 191 with supportive services for individuals experiencing homelessness. Baisely Pond Residences is being co-developed by the Slate Property Group and RiseBoro Community Partnership.
  • $128 million for the construction of 322 homes at Utica Crescent in Brooklyn. Part of the State’s Vital Brooklyn Initiative project, Utica Crescent will be a newly constructed multi-use facility, consisting of two connected towers being developed at a former parking lot in East Flatbush. Eighty-nine apartments will be set aside for seniors receiving supportive services from Catholic Charities Neighborhood Services. The highly energy-efficient development will also include space for a grocery store, medical facility, and other community services. Utica Crescent is being co-developed by Monadnock Development and CB Emmanuel Realty.
  • $57 million for the construction of 109 homes at the Marcus Garvey Extension development in Brooklyn. The project entails the new construction of an eight-story building on an underutilized parking lot at the existing Marcus Garvey Apartments. Fifty-five apartments will be set aside for chronically homeless adults and families, who will receive supportive services from Services for the UnderServed. This phase of the Marcus Garvey Extension development is being co-developed by L+M Development Partners and Services for the UnderServed.
  • $51 million for the preservation of 139 homes at 753 Classon Avenue in Brooklyn. The project will substantially rehabilitate the interior and exterior of a 13-story Mitchell Lama development in Crown Heights, extending the useful life and increasing the energy efficiency of the 55-year-old building. 753 Classon Avenue is being developed by Smith & Henzy Affordable Group.

 

Mid-Hudson

  • $15 million for the rehabilitation of Cornerstone Residence to preserve 128 homes in Newburgh.The rehabilitation work will significantly upgrade the four-story former hotel and improve its energy efficiency, facilitating its continued use as supportive housing. Cornerstone Residence is being developed by Safe Harbors of the Hudson.

 

Southern Tier

  • $38 million for the acquisition, adaptive reuse and new construction of 111 homes at Court Street Apartments in Binghamton. The project will adaptively reuse a former warehouse and office building, creating 80 new, affordable apartments, and will construct an addition onto the existing building, containing an additional 31 affordable apartments. The development will include 60 apartments with supportive services for homeless veterans, individuals with substance abuse disorders, and individuals with serious mental illness. Court Street Apartments is being developed by Helio Health.

 

Western New York

  • $23 million for the construction of 147 homes at Main Street Lofts in Buffalo. The development consists of the new construction of a five-story building containing 140 apartments and two townhouses containing seven apartments on a former brownfield site downtown Buffalo. Main Street Lofts is being co-developed by Pivotal and Belmont Housing Resources for WNY.
  • $23 million for the acquisition and rehabilitation of 174 homes at Francis John Apartments and Frederick Douglass Towers in Buffalo. The project entails interior and exterior rehabilitation work, including roof replacement and energy efficiency measures, at two separate senior housing developments with a total of 174 apartments. Francis John Apartments and Frederick Douglass Towers is being developed by Bridges Development.
  • $36 million for the acquisition and adaptive reuse of Harrison Place Lofts to create 82 homes in Lockport. The development will be located in a vacant three-story building at the former Harrison Radiator factory complex and create 82 new apartments. The building, which has been closed since 1987, has been identified as underutilized by the Lockport Downtown Revitalization Initiative and is listed on the National Register of Historic Places. Harrison Place Lofts is being developed by Kearney Realty & Development Group.

Governor Hochul said:

The lack of housing in New York is an urgent crisis, and we can’t afford to wait for legislative solutions. Five months ago today, I took Executive Action to promote housing growth, and we’re making real progress to increase the housing supply across New York. Until the Legislature is ready to come back to the table with a real plan to increase housing supply, I’ll continue fighting for New Yorkers using every tool I have as Governor.

Department of Labor Reports Private Sector Employment Rising

The New York State Department of Labor (DOL) has release preliminary seasonally adjusted figures, which indicated that the number of private sector jobs in New York State increased over the month by 5,500 to 8,260,900 in November 2023. New York’s private sector jobs increased by 79,000 over the year as of November, which was less than the 1.6% increase in the number of private sector jobs in the U.S. Additionally, the state’s seasonally adjusted unemployment rate increased from 4.2% in October to 4.3% in November 2023. However, at the same time, the state’s labor force increased by 13,400. More information can be found here.

Governor Grants Clemency

The Governor granted clemency to 16 individuals, including 12 pardons and four commutations. This is the third time the Governor has granted clemency this year as she continues to review and act on clemency applications on a rolling basis, rather than only once at the end of the year. After implementing procedural reforms to the clemency process, Governor Hochul has granted clemency to 36 individuals in 2023, more than any year in her term to date.

Governor Hochul said:

Through the clemency process, it is my solemn responsibility as Governor to recognize the efforts individuals have made to improve their lives and show that redemption is possible. When I took office, I committed to improving this process and dedicated the resources needed to grant clemency on a rolling basis. My administration will continue working to ensure this process serves New Yorkers in the best way possible.

In The News

City & State New York’s Weekly Winners and Losers here.

Push mounts for two environmental bills as Hochul weighs veto.

Howard Zucker to testify on New York’s COVID response in front of House committee.

How much is gerrymandering too much? In New York, the answer could make or break Dems’ House hopes.

Will Hochul flex political muscle to get deals done this session?

Democrats remove New York’s top elections official.

Climate activists call for renewable energy to power NYS Capitol.

The issues most likely to dominate the 2024 New York legislative session.

More than 2K state workers to receive COVID-19 back pay.

DOL: Nearly 40K jobs identified for NY migrants.

Lawmakers could be open to housing deal ahead of election.

Health workers: DOH nonenforcement of staffing law driving workers out.

New York advocates push ‘hybrid’ options in open meeting law changes.

Cryptocurrency projects keep running as advocates await state report.

Hochul announces $100 million investment in child care.

Al Stirpe drops New York State Senate bid, will seek reelection to Assembly.

New York Democrats renew push to boot Trump from ballot after Colorado ruling.

New York developing ‘cap and invest’ program to cut emissions.

Coming Up

The Board of Regents will hold their next meeting on January 8 and 9.

The Senate will hold a public hearing to hear from the New York State Workers Compensation Board, experts in workers compensation, workers compensation lawyers, labor partners, and injured workers on the current state of workers compensation and to bring light to areas of improvement on January 10.

The Public Service Commission will hold its next meeting on January 18.

The Commission on Ethics in Lobbying and Government will hold its next meeting on January 24.