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City Plans $3B in Development Sales for Public Housing Fixes
The de Blasio administration seeks to raise up to $3 billion through development of city-owned land and sales of air rights to help fund repairs to the city’s public housing stock.
The administration’s NYCHA 2.0 plan also incorporates $12.8 billion in public-private partnerships to convert 62,000 New York City Housing Authority apartments to Section 8, a component announced in November.
In all, NYCHA 2.0 seeks to cover $24 billion in repairs to the city’s aging public housing.
“NYCHA’s long-deferred capital and maintenance needs are among the greatest challenges we face as a city,” said Deputy Mayor Alicia Glen.
The “Build to Preserve” plan to develop city-owned land, and the “Transfer to Preserve” air rights sales, are two of three new programs NYCHA will launch under the 2.0 initiative. The third is to Fix to Preserve, which aims to immediately address health and safety issues including heating, mold, pests, and lead.
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- ◦Development
