Thursday, March 22, 2018

Wave Hill Events April 6‒April 13

Sat, April 7 Family Art Project: Rock with the Rock Pigeons

Nature is everywhere, as evidenced by New York City’s most prevalent bird, the rock pigeon. Learn how pigeons have made urban centers home and helped humans by carrying secret messages. Costume yourself in handmade, fabric feathers to make silvery wings. Then join your flock for a rockin’ pigeon sing-along with special guest guitarist Todd Falberg and storyteller Rama Mandel. Free, and admission to the grounds is free until noon.

WAVE HILL HOUSE, 10AM‒1PM

Sat, April 7 Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM

Sat, April 7 Terrarium Workshop

Design and plant a fanciful miniature landscape in a glass container with a selection of diminutive plants, perfect for home or office. Terrarium enthusiast and Wave Hill Gardener Albert Cabrera provides plants, materials and personal assistance in this popular annual workshop. Space is limited! Ages eight and older welcome with an adult. $50; 10% discount to Wave Hill Members. Registration required, online at wavehill.org or onsite at the Perkins Visitor Center.

WAVE HILL HOUSE, 1–2:30PM

Sat, April 7 Gallery Tour

Learn about Glyndor Gallery exhibitions on a tour led by Wave Hill’s Curatorial Fellow. Avifauna: Interplay of Birds + Habitatfeatures artworks that delve into the relationship between birds and their habitats—from the role birds play in propagating plants to changes in how natural and built environments affect migration patterns. Artists working in photography, video, artist books, wall painting, installation, drawing and sound include Tatiana Arocha, Tanya Chaly, Marna Chester, Nina Katchadourian, Paula McCartney, Jeff Mertz, Peter Morgan, Sarah Nicholls, James Proseck, Jenna Spevek and Fred Tomaselli. In the Sunroom Project Space, Adrienne Elise Tarver builds tactile plant sculptures that create an immersive, sheltering landscape. Free with admission to the grounds.

GLYNDOR GALLERY, 2PM

Sun, April 8 Spring Birding

Welcome migratory birds back to Wave Hill this spring. Explore the gardens and woodlands with naturalist Gabriel Willow on a quest to spot both resident and rare birds as they pass through on their northern journey or settle down for the season. Ages 10 and older welcome with an adult. Severe weather cancels. Free with admission to the grounds. NYC Audubon Members enjoy two-for-one admission.

MEET AT PERKINS VISITOR CENTER, 9:30AM

Sun, April 8 Family Art Project: Rock with the Rock Pigeons

WAVE HILL HOUSE, 10AM‒1PM

Sun, April 8 Family Nature Walk

Join naturalist and educator Gabriel Willow on a family-friendly walk through the gardens or woodlands. Registration not required. Ages six and older welcome with an adult. Severe weather cancels. Free with admission to the grounds.

MEET AT WAVE HILL HOUSE, 1PM

Sun, April 8 Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free with admission to the grounds.

MEET AT PERKINS VISITOR CENTER, 2PM

Mon, April 9

Closed to the public.

Tue, April 10 Art Workshop Series Begins: Photographing Local Landscapes—Woodlawn Cemetery, Untermyer Gardens and Van Cortlandt Park

Using the camera lens and the naked eye, explore three of the area’s most intriguing outdoor spaces with nature photographer Benjamin Swett. All-day workshops include tours and photography sessions each morning and afternoon reviews back at Wave Hill. All levels welcome. Carpooling is encouraged; limited transportation between Wave Hill and the offsite locations available upon request. Bring a brown bag lunch or order from The Café at Wave Hill. $300; 10% discount to Wave Hill Members. Registration required, online at wavehill.org or onsite at the Perkins Visitor Center. This three-session series continues April 17 and 24.

MEETS OFFSITE, 10AM–4PM

Tue, April 10 Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM

Tue, April 10 Gallery Tour

GLYNDOR GALLERY, 2PM

Thu, April 12 Art Workshop Series Begins: Plumage to Quill: Studies and Renderings of Birds in the Landscape

Draw inspiration from a private collection of mounted birds, and from photographs, poetry and outdoor observation, to create avian portraits with Wave Hill as the setting. Sessions include demo lessons, plein-air drawing and critiques with Wennie Huang, member of the American Museum of Natural History’s Animal Drawing Program. A nature walk with birding expertGabriel Willow is included. Basic hardware materials included; a supply list will be provided. $160; 10% discount to Wave Hill Members. Registration required, online at wavehill.org or onsite at the Perkins Visitor Center. This four-session series continues April 19, 26 and May 3.

WAVE HILL HOUSE, 10AM–1PM

A 28-acre public garden and cultural center overlooking the Hudson River and Palisades, Wave Hill’s mission is to celebrate the artistry and legacy of its gardens and landscape, to preserve its magnificent views, and to explore human connections to the natural world through programs in horticulture, education and the arts.

HOURS Open all year, Tuesday through Sunday and many major holidays: 9AM–4:30PM, November 1–March 14. Closes 5:30PM, starting March 15.

ADMISSION $8 adults, $4 students and seniors 65+, $2 children 6–18. Free Saturday and Tuesday mornings until noon. Free to Wave Hill Members and children under 6.

PROGRAM FEES Programs are free with admission to the grounds unless otherwise noted.

Visitors to Wave Hill can take advantage of Metro-North’s one-day getaway offer. Purchase a discount round-trip rail far and discount admission to the gardens. More at http://mta.info/mnr/html/getaways/outbound_wavehill.htm

DIRECTIONS – Getting here is easy! Located only 30 minutes from midtown Manhattan, Wave Hill’s free shuttle van transports you to and from our front gate and Metro-North’s Riverdale station, as well as the W. 242nd Street stop on the #1 subway line. Limited onsite parking is available for $8 per vehicle. Free offsite parking is available nearby with continuous, complimentary shuttle service to and from the offsite lot and our front gate. Complete directions and shuttle bus schedule at www.wavehill.org/visit/.

Information at 718.549.3200. On the web at www.wavehill.org.

Cynthia Nixon Received More Small Dollar Donations in 1 Day Than Cuomo Has in 7 Years

In a show of grassroots momentum, actor, activist, and lifelong New Yorker Cynthia Nixon received more low-dollar donations in her first 24 hours as a candidate than Andrew Cuomo has collected in over seven years as governor.

In the first day after announcing her campaign for governor, Cynthia received 2,214 contributions of less than $200. By comparison, Andrew Cuomo collected a total of just 1,369 small dollar donations since the start of 2011 (see table below).

“Andrew Cuomo has built a $31 million war chest from wealthy corporate interests, lobbyists, and billionaires,” said Cynthia for New York Campaign Manager Nicole Aro. “And with just 0.1 percent of his support coming from small donations from everyday New Yorkers, that tells you exactly the chance that Cuomo will care about your concerns: 0.1 percent.”

The New York Times reported in November that Andrew Cuomo “has raised over 99 percent of his campaign money from donations larger than $1,000 and nearly 99.9 percent of his funds from donors who gave at least $200.”

“We’re going to do things differently, because this campaign belongs to all of us. We’re not accepting a dime of corporate money,” Aro continued. “Instead, we’re building a people-powered movement to take back New York. The incredible grassroots enthusiasm we’re seeing so far is a sign that Democrats know that we can do better than Andrew Cuomo.”

BACKGROUND: Analysis of Contributions To Cuomo's Gubernatorial Committee (A31966)

In the table below, data from the Board of Elections details the number of small donations Cuomo has reported since the start of 2011, a number already exceeded by Cynthia Nixon’s insurgent campaign:

Source: New York State Board Of Elections, accessed 3/18/18

Paid for by Cynthia for New York

BP DIAZ TO SEND OFF STUDENTS TO THE ‘MARCH FOR OUR LIVES’ AGAINST GUN VIOLENCE

On Saturday, March 24, 2018, Bronx Borough President Ruben Diaz Jr. will send off four buses of Bronx high school students to the “March for Our Lives” against gun violence in Washington, D.C.

Borough President Diaz was able to secure four buses for the students, who come from DreamYard Preparatory High School, The DreamYard Art Center, The Bronx Center for Science and Mathematics, Cornerstone Academy for Social Action and The Pelham Academy for Academics and Community Engagement, to make the trip. The sendoff will take place outside of The Bronx County Building, 851 Grand Concourse, The Bronx, at 6:00 a.m.

March For Our Lives is created by, inspired by, and led by students across the country who will no longer risk their lives waiting for someone else to take action to stop the epidemic of mass school shootings that has become all too familiar. In the tragic wake of the seventeen lives brutally cut short in Florida, politicians are telling us that now is not the time to talk about guns. March For Our Lives believes the time is now.

On March 24, the kids and families of March For Our Lives will take to the streets of Washington, D.C. to demand that their lives and safety become a priority.

STATEMENT FROM MAYOR BILL DE BLASIO ON THE JEROME AVENUE NEIGHBORHOOD PLAN

STATEMENT FROM MAYOR BILL DE BLASIO ON THE JEROME AVENUE NEIGHBORHOOD PLAN

“This plan marks another milestone in the important progress we are making to build a fairer and more affordable New York City. With the Jerome Avenue Neighborhood Plan, this Bronx community will, for the first time ever, get the overarching City investments and protections it richly deserves. Residents and businesses will see safer streets, better parks, new schools and upgrades to the beloved Davidson Community Center. As we work to meet the challenges of a growing city, this plan allows for residential development – including permanently affordable housing – along the Jerome Corridor and makes key investments in businesses, jobs, job training and retraining. I thank Speaker Johnson, Land Use Committee Chair Salamanca, and, last but not least, Council Members Cabrera and Gibson and all Jerome residents who helped us get this plan right.”

STATEMENT FROM BOROUGH PRESIDENT DIAZ ON THE JEROME AVENUE NEIGHBORHOOD PLAN

“With today’s vote, the City Council has secured a positive future for the Jerome Avenue corridor that is inclusive of the area’s current residents and does not leave the people of The Bronx behind.

“As part of the ongoing negotiations on this rezoning, both my office and the City Council, led by Council Member Vanessa Gibson, have secured considerable protections for the area’s existing residents and businesses. My office was able to negotiate commitments from the administration that will provide deep affordability in new apartments, new protections against tenant harassment and the preservation of thousands of existing affordable units in Community Boards #4 and #5, among others.

“The City Council has built on that success, securing new protections and job training services for the autoworkers within the Jerome Avenue corridor, new funding for park and infrastructure improvements, and new programs to encourage local hiring. I especially want to thank City Council Members Gibson and Fernando Cabrera for their focus and dedication on this issue, and the years they have spent working to ensure that the needs of the community are balanced against the expectations of this rezoning.

“The people of The Bronx are not opposed to improvement. However, the rezoning of the Jerome Avenue corridor must work for everyone. The agreements that have been secured by my office and the City Council will help do just that, and I look forward to working with the administration to begin the implementation of the initiatives and programs they have agreed to provide.

“To start, the city should begin the work of preserving existing units of at-risk affordable housing within Community Boards #4 and #5. In February my office issued a report that identifies the units that should be preserved and kept affordable within those community boards, and the city should begin to direct resources towards these units to help preserve affordability within the Jerome Avenue corridor,” said Bronx Borough President Ruben Diaz Jr.

The report, titled “Zoned-In: A Housing Preservation Blueprint for the Jerome Avenue Corridor,” identifies 2,075 units across 45 buildings within a ¼ mile radius of the area proposed for rezoning around Jerome Avenue by the de Blasio administration. It can be read in full at http://on.nyc.gov/2ErFy7t.

STATEMENT FROM MAYOR DE BLASIO ON CITY COUNCIL VOTE ADOPTING PLAN TO TRANSFORM SPOFFORD JUVENILE DETENTION CENTER INTO THRIVING AFFORDABLE HOUSING COMMUNITY

“It’s a big day for justice in the Bronx. As we move to build more than 700 affordable homes, open space and small businesses in Hunts Point on the site of the old Spofford facility, we are seeing a community rising and the righting of old wrongs. We celebrate the City Council’s vote to adopt The Peninsula redevelopment plan today, and I thank Speaker Corey Johnson, Council Member Rafael Salamanca Jr. and Borough President Rubén Díaz Jr. for their work in bringing about this transformation. I also want to thank the hundreds of community and criminal justice reform advocates inside and outside of government who worked for decades to shutter this notorious juvenile center.”

EDITOR'S NOTE:

We wonder just what the name of this project will be? The Spofford Arms?

Thank You Mayor de Blasio, Bronx Borough President Diaz Jr., City Council Speaker Johnson, and Councilman Salamanca.

NEWS FROM CONGRESSMAN ELIOT ENGEL

Engel Meets with Army Corps in DC to Discuss Flood Control and Dredging in Westchester & Bronx

Congressman Eliot Engel, a top member of the House Energy and Commerce Committee, yesterday welcomed Colonel Thomas Asbery, Commander and District Engineer, of the New York District of the U.S. Army Corps of Engineers to his Washington D.C. office to discuss flood control and dredging projects affecting Westchester and the Bronx.

Among the topics covered in the meeting was a proposal to alleviate persistent flooding issues in Mamaroneck by widening, deepening and lengthening the Sheldrake and Mamaroneck Rivers, constructing retaining walls, and building a culvert under the railroad station parking lot. Congressman Engel testified in favor of the proposal last year in front of the Army Corps’ Civil Works Review Board. The proposal received preliminary approval from the Army Corps of Engineers last month, and Congressman Engel and Colonel Asbery discussed ways to continue moving the project forward.

Rep. Engel also spoke with Colonel Asbery about the need to dredge the Milton Harbor channel, which connects the City of Rye Boat Basin to the Long Island Sound, and restoration projects along the Bronx River at locations that include Bronxville Lake and Crestwood Lake.

“Parts of my district, especially in the Sound Shore communities, have dealt with persistent flooding for a long time,” Engel said.“These problems will only be exacerbated with climate change as the years go on, so it’s imperative that we act now to mitigate the problem.

“I have worked closely with Army Corps experts during the crafting of the Mamaroneck and Sheldrake Flood Risk Management Study and I am pleased Colonel Asbery was able to meet with me in person to discuss that and several other flood mitigation projects in both Westchester and the Bronx. We will continue to partner to make sure NY-16 residents are protected from flooding when future storms hit.”

Engel Thanks Cecile Richards for Her Years of Service to Planned Parenthood

Congressman Eliot L. Engel, a member of the House Pro-Choice Caucus, yesterday thanked Cecile Richards for her twelve years of service as President of Planned Parenthood Federation of America. Ms. Richards plans to step down later this year.

“Over the past decade, we have fought fight after fight to safeguard women’s constitutionally-protected rights and make comprehensive health care more accessible and affordable to all Americans. Cecile Richards has been on the front line of every one of those fights,” Engel said. “Under her leadership, Planned Parenthood has faced countless attacks from those determined to turn back the clock on women’s health and rights – yet her efforts to support Americans in need of comprehensive care have never faltered.

“It has been my honor to stand with Planned Parenthood to fight back against the constant efforts to defund the care they provide to 2.4 million Americans each year; to roll back access to birth control; to halt the progress we’ve made in lowering rates of teen pregnancy; and to repeal the Affordable Care Act. While Cecile Richards’ leadership will be missed, I have no doubt that she will leave Planned Parenthood ready to tackle whatever challenges may come.”

Engel Votes NO On Omnibus Spending Bill

Congressman Eliot L. Engel, a top member on the House Energy and Commerce Committee, issued the following statement on the House passing an omnibus spending bill to fund the government for the rest of the fiscal year:

“This omnibus spending bill failed to address what I believe are some of the most pressing issues facing our nation. As such, I could not in good conscience support it and voted NO.

“30,000 Americans are killed by guns every year, yet the Republican-controlled Congress has refused to act. Every day we hear new disturbing stories about our data being accessed, and yet this bill contains provisions that grant the executive branch broad discretion to collect more data without proper checks. And though our DREAMers are still twisting in the wind, this bill once again ignores their plight and instead provides funding for the President’s ridiculous border wall.

“In addition, this bill provides no money for disaster assistance, does nothing to counteract the Trump Administration’s repeated acts of sabotage to the Affordable Care Act and America’s health insurance markets, allocates not one penny to the Hudson Rail Tunnel Project, and offers no additional language to protect Special Counsel Robert Mueller and his investigation.

“This omnibus is a product of a dysfunctional Majority and does not reflect our basic values or principles. Our Democratic negotiators worked hard, but the bill still had too many shortcomings for me.”

Wednesday, March 21, 2018

Speaker Corey Johnson, Finance Chair Daniel Dromm, Education Chair Mark Treyger, Land Use Chair Rafael Salamanca, Release Report and Recommendations on School Planning and Siting

1- Make it easier and faster to build schools

There are many districts in New York City where the funding is in the DOE Capital Plan but no school seats are sited, which demonstrates a failure to build seats in neighborhoods even when we have the resources. We need to do better.

Pilot an RFP process for finding sites for new school construction.

To get assistance in finding new opportunities for school construction, SCA could pilot a new Request for Proposals (RFP) process that allows developers to present the agency with opportunities to build new schools with a specific funding constraint dictated in the RFP

Advocate for SCA to receive Design-Build authorization from New York State.

Design-build has proven to expedite construction timelines and result in cost savings. The State should authorize SCA to use the design-build process for school construction projects.

Expand use of eminent domain, particularly in high-need districts.

In Community School Districts with the most overcrowded schools that also have limited vacant sites that are suitable for new school construction, SCA should more often use aggressive measures like eminent domain to build schools.

Convene a school design working group to consider school design flexibility.

SCA and DOE should convene a School Design Working Group to consider additional flexibility for design requirements for building schools on a small or irregular lot or in a mixed-use or affordable development. This working group could work under the direction of SCA’s school design staff, and would consist of experts in architecture, construction, and education.

Establish zoning incentives to encourage school construction in high-need districts.

Special zoning districts could be established to encourage school construction in areas of the City with the highest need. Any change to the Zoning Resolution would require public review and a vote by the City Council. These zoning incentives would be meant to encourage developers to incorporate public schools into their development plans. The provisions of each zoning district should be tailored to the specific challenges in that school district.

Continue to use the Education Construction Fund (ECF) model where appropriate.

The ECF model has been used successfully in a variety of projects, and it is an excellent way to leverage the private market to raise funding for new schools and achieve multiple policy goals, including building new affordable housing.

Lease school buildings in large-scale affordable housing projects.

SCA is a “credit tenant” (a tenant with the financial security worthy of being rated as an investment grade by any of the major credit agencies), which means a firm early commitment from SCA to lease space is very useful in helping a developer to secure financing.

Improve the site identification process.

In order to bolster the SCA’s efforts, the administration should form a mayoral-level team to review city real estate transactions and deals to identify opportunities for SCA. The Economic Development Corporation, HPD, DCAS, and DCP should be key participants. Additionally, given competing demands on City-owned or leased space, DCAS should alert DOE and SCA if a City-owned or leased property of adequate size for a school becomes available, so that DOE and SCA can consider that site for creating additional capacity.

Support or build consensus for proposed school facilities.

When SCA is proposing a new school where need is significant, public officials should make every effort to support the construction of new schools. While local input can improve the final design and ensure the school will be integrated into the surrounding neighborhood, public officials should support the siting and creation of new schools where SCA and DOE have demonstrated a need for new school seats.

2- Accurately describe the problem

There are legitimate concerns about the integrity of the data used by SCA to develop the identified need for each capital plan. Listed below are several recommendations for each of the data sources used for the capital planning process.

Include confidence intervals in enrollment projections.

SCA’s demographers should incorporate confidence intervals into their projections to allow the public to see what range of student populations SCA is considering when deciding where new school construction will be funded.

Implement Blue Book Working Group (BBWG) recommendations that have not yet been implemented, particularly regarding class size.

The BBWG made a series of recommendations that have been partly implemented, but some of the most important recommendations were not adopted. SCA and DOE should update their target capacity class sizes to meet approved class size goals for the City under the State’s Contract for Excellence.

Develop a housing projection model.

DOB permits do not accurately reflect the number of housing units that will be built in 10 years. SCA, in conjunction with other relevant city agencies, should develop a housing projection model that creates more realistic estimates for housing construction beyond the immediate future.

Create neighborhood-based Projected Public School Ratios (PPSRs) using up-to-date Census data.

SCA should use the most current information available to develop more neighborhood-based PPSRs. The updated PPSRs should consider the number of bedrooms in housing units and other relevant factors that play a role in determining the likelihood of a household to generate children that will attend public school.

Extend the school capacity planning horizon.

The DOE Capital Plan should project seat need for a rolling, 10-year period and clearly indicate how new capacity projects completed during any plan period change the identified seat need. This would allow DOE to plan to actually meet that need in the long-term, rather than continually projecting an unachievable seat need in fixed, five-year increments.

3- Give the public and decision makers the information they need

Below are recommendations for the information that should be released in order to enhance transparency and create additional public trust in the school planning process. Making this information public would allow for an informed dialogue between community members, education policy experts, the Council, and the administration on the best way to identify where new school seat construction is needed.

Provide all data related to the identified seat need in machine-readable format at the level of planning (i.e. subdistrict level).

The subdistrict boundaries are the most important geographies for decisions by the City related to school planning. For transparency in the school planning process, the data used in the school planning process should be aggregated at the subdistrict level to ensure the public has full confidence in the way the City allocates resources related to school planning and construction.

Provide substantive information on the adjustments SCA makes to the raw seat need that results in the identified seat need.

DOE/SCA use strategies other than constructing new schools to accommodate projected student enrollment. These adjustments are likely sensible measures to take that are much more cost-efficient than building new schools. For the public to have confidence in the identified need in the Capital Plan, DOE/SCA should list what strategies are being utilized to address overcrowding before requesting funding for new school construction.

Clarify how race is incorporated into enrollment projections.

The demographers hired by SCA to project future student enrollment conduct their analysis using undisclosed algorithms to project student enrollment by race. In some cases, these enrollment projections vary dramatically by race. Projecting declining enrollments for Hispanic and Black students may deny neighborhoods that are predominately Hispanic and Black adequate school facilities in the future.

Include the planning process for pre-K seats in the Capital Plan.

DOE/SCA have no published plan for how accommodated this new program in current facilities or new planned construction. As the pre-K program continues to expand in DOE facilities, the DOE/SCA should publish their method for streamlining the pre-K program into the Capital Plan.

Improve communication with the public about potential new school sites.

When SCA receives a recommendation for a potential school site from the public, SCA should provide a meaningful response that includes detailed criteria for site selection. This would encourage the public to continue to submit potential school sites.

4- Increase use of other approaches to reduce overcrowding and foster diversity

While there are many cases where capital investment in new school construction is the only remedy, DOE interventions allow for less expensive and more flexible potential solutions to capacity needs. As the City begins to earnestly address issues of segregation in NYC public schools, the recommendations in this section can be used to address issues related to overcrowding and segregation in tandem.

The School Diversity Advisory Group should consider school capacity and utilization as part of its larger diversity plan

As part of its “Equity and Excellence for All: Diversity in New York City Public Schools” plan released in June 2017, DOE has created a School Diversity Advisory Group tasked with reviewing policies and practices and making recommendations to the Mayor and Chancellor for changes to increase diversity in DOE schools. As part of its work, the School Diversity Advisory Group should consider school capacity and utilization as part of its larger diversity plan.

Create specific school plans to alleviate overcrowding in high-need districts.

For consistently and extremely overcrowded schools in the highest need districts (as defined in the case study section of this report), DOE should publicly release a strategic plan to alleviate the overcrowding. This may include planned capacity construction in the area, but should also incorporate any non-construction strategies, as discussed in this report, as well as policies such as capping enrollment.

Adjust CSD boundaries and school zone lines to reduce overcrowding.

The CSDs with localized overcrowding are best suited for a comprehensive school rezoning effort by DOE. Although this process is often very political, solving localized overcrowding by means other than new school construction can allow SCA to build more schools in areas where no other options are available.

Expand use of special programs to attract students to underutilized facilities and ensure equity of access.

Even without undertaking a formal school rezoning, DOE can promote better utilization of existing DOE facility capacity through improving accessibility and offering attractive academic programming. By addressing the shortage of barrier-free programs and expanding programs such as dual language, career and technical education (CTE), progressive education models, and gifted and talented (G&T) programs, DOE can attract students to underutilized schools.

5- Explore new funding strategies

A full implementation of Recommendations 2 and 3—increasing transparency in the planning process and improving the methodology of this process—would instill confidence in the accuracy of this needs assessment. After implementation of these recommendations, the administration and the Council can work together to determine the amount of funding needed to create additional capacity and a realistic but ambitious timeline in which to fully fund required school construction. In the interim, the recommendations below can help address current funding shortfalls for SCA’s Capital Plan.

Explore opportunities to raise funding through impact fees from new development.

As NYC’s real estate industry regains strength, the City should explore the feasibility of using impact fees for new developments in order for those developments to contribute their share of the costs that are a result of new students generated from their respective residential units.

Revise CEQR to lower thresholds for impacts to public schools and allow mitigation via payment into a school construction fund.

The Mayor’s Office of Environmental Coordination should work with DOE, SCA, and the City Council to revise the CEQR guidelines in order to reduce these thresholds for significant adverse impacts to public school facilities. Additionally, impacts from development should be able to be mitigated by paying into a fund for new school construction, which would help SCA build more schools.

A.G. Schneiderman Announces $230 Million Settlement With UBS Over Misconduct Leading Up To Financial Crisis

Settlement Secures $189 Million in Consumer Relief for New Yorkers Impacted By the Housing Crash; $41 Million in Cash for New York State

Today’s Settlement Brings Total Cash and Consumer Relief Secured by AG Schneiderman in Aftermath of Financial Crisis Up to $3.93 Billion

Attorney General Eric T. Schneiderman today announced a $230 million settlement with UBS in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) to investors leading up to the financial crisis. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and $41 million in cash to New York State.

UBS is the seventh large financial institution to settle with Attorney General Schneiderman’s office since he was appointed co-chair of the RMBS Working Group by President Obama in 2012. Attorney General Schneiderman has now secured $3.93 billion in cash and consumer relief for New Yorkers in the aftermath of the residential mortgage crisis — more than any other state. When combined with the National Mortgage Settlement, the total rises to $6.06 billion.

“Years later, New Yorkers are still recovering from the housing crash, as communities grapple with the effects of plummeting home values, vacant properties, and an affordable housing crisis,” said Attorney General Schneiderman. “Today’s settlement marks another key step forward as New Yorkers rebuild their lives and communities. The dollars we’ve secured have funded critical housing programs across New York – and this settlement means even more community revitalization work in the years to come.”

As part of this settlement, UBS admits the findings contained in the statement of facts, agrees to pay $41 million in cash, and must provide significant community-level relief to New Yorkers, including monies that will contribute to more affordable housing construction. Additional resources will be dedicated to helping communities transform their code enforcement systems and invest in land banks. An independent auditor will report on UBS’s compliance with the consumer relief terms of the settlement to ensure that these obligations are met.

Based on the evidence uncovered by the Office of the Attorney General during its investigation of UBS, the OAG concluded that, contrary to its representations, UBS sold investors RMBS backed by mortgage loans based on inaccurate statements in prospectus supplements and/or investor presentations for the RMBS. Indeed, many of the mortgage loans did not comply with underwriting guidelines or applicable laws and regulations, among other defects. The loan pools backing the securitizations suffered billions of dollars of collateral losses, causing investors to experience shortfalls in principal and interest payments, as well as declines in the market value of their certificates. The conduct uncovered by Attorney General Schneiderman’s office harmed countless New York homeowners and investors, as home values declined dramatically during the financial crisis.

During this time, UBS’s diligence vendors determined that loans sold by the loan originators to UBS did not conform to underwriting guidelines; yet UBS packaged and sold them anyway. Moreover, UBS limited the scope of the diligence conducted on mortgage loans, and UBS admits that it securitized various loans for which no diligence was performed to assess whether the loans conformed to underwriting guidelines or had other defects. Further, UBS’s review of securitized mortgage loans, which defaulted shortly after issuance, showed serious problems in the origination of the loans. Nevertheless, even after identifying these problems, UBS continued to purchase and securitize risky loans from the same originators.

Including today’s settlement, Attorney General Schneiderman has now recovered more than $3.93 billion in cash and consumer relief from RMBS settlements, more than any other state. Prior settlements were negotiated through the Residential Mortgage-Backed Securities Working Group, co-chaired by Attorney General Schneiderman. In collaboration with the Department of Justice (DOJ), other federal entities, and several state law enforcement agencies, the Working Group investigated those responsible for misconduct contributing to the financial crisis through the pooling and sale of residential mortgage-backed securities.

A copy of today’s Settlement Agreement and accompanying Statement of Facts and Consumer Relief Menu can be viewed here.

Followers

Search This Blog

Blog Archive