Private investors to help with NYCHA building repairs
Thousands of tenants living in some of the most rundown public housing complexes in the city will soon see hundreds of millions of dollars in repairs being made, thanks to a new partnership with private developers.
New York City Housing Authority officials say the move will help bridge a $17 billion gap in improvements needed at complexes citywide.
The Permanent Affordability Commitment Together program began with raising $300 million to address issues that include overdue repairs, appliance replacements and building upgrades at 1,700 NYCHA buildings. Nearly 1,000 of those units are in the Bronx, and almost 700 are in Brooklyn.
The repairs will be made possible by trading tax credits for investments from private developers, who will then be responsible for making the needed improvements. NYCHA will retain ownership of the buildings and land.
Lawmakers say that tenants living in the affected buildings will see little change other than the upgrades; their rent will stay the same and their tenant rights will remain protected. They add that without the private partners, funds for the fixes would simply not be available.
City Councilman Ritchie Torres, who is the chairman of the Public Housing Committee, says the announcement is just the start of a yearslong process. The next step, he says, will be to seek community input.
It will likely be two to three years before the upgrades and repairs are made.