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Trump Proposes Massive Funding Cuts for NYCHA
A White House proposal would dig another massive hole in the budget for the New York City Housing Authority (NYCHA). President Trump’s proposed fiscal 2019 federal budget, released Feb. 12, 2018, would eliminate the Public Housing Capital Fund.
Budgets proposed by the White House rarely become law. Last year, Congress followed a very different path and eventually removed budget caps on domestic spending. However, Congress has consistently provided public housing authorities like NYCHA with less than the federal estimates of the funding needed to maintain public housing properties.
NYCHA currently has a backlog deferred maintenance of more than $17 billion. This winter, the Authority has failed to keep the heat running at thousands of apartments. As Congress discussed deeper funding cuts this spring, help may not be on the way from Washington.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson