Gov. Hochul signs legislation to create NYCHA Preservation Trust

The NYCHA Public Housing Preservation Trust was signed into law Thursday allocating more money for residents.
Mayor Eric Adams and Gov. Kathy Hochul say this means NYCHA will finally deliver on a promise to provide high quality, affordable homes
The mayor called this legislation "transformative" and says it will change the lives of every NYCHA resident.
Hochul officially signed the bill into law that will unlock billions of dollars in federal funding, including for accelerated repairs . She says more than 400,000 New Yorkers live in NYCHA and deserve to live.
Officials add the legislation guarantees that no NYCHA resident will have to pay more than 30% of their income toward rent.
Among other changes, they say it gives tenants the right to vote on any proposed changes to their developments. Anyone who lives in NYCHA will be able to participate in vendor selection, and there will be resident representation on quality assurance committees.
She says needs more than $40 billion to fully restore and renovate all of the buildings.