$32 billion is required to make needed repairs and upgrades for safe and decent living conditions for the 400,000 public housing residents living in New York City Housing Authority (NYCHA) housing. Mayor de Blasio’s NYCHA 2.0 plan expands use of RAD-type conversions and identifies other strategies to raise $24 billion in revenue. While this plan, which will be under the control the newly appointed monitor, moves in the right direction, it leaves a budget gap of at least $8 billion.The undersigned organizations ask for the State and City of New York take the following action for capital investment to #SAVENYCHA.
- Release $450 million in already appropriated funds (FY17 $200 million, FY19 $250 million).
Now that HUD and NYCHA have adopted a federal oversight plan, Governor Cuomo should issue an executive order to immediately release this funding promised to residents, to make repairs and upgrades for critical capital needs.
- Fund the $8 billion budget gap, starting with $1 billion in FY2020.
We call on Governor Cuomo and the State Legislature to work with their NYC counterparts to develop a 10-year, joint funding plan. Full funding of the $32 billion in capital needs is essential for NYCHA to successfully reach compliance with all federal laws, especially those relating to housing quality standards and lead inspections and abatement. Long-term funding is needed for the new federal oversight agreement to be effective and for NYCHA to be able to fully implement a preservation plan to restore decent and safe housing conditions for each and every resident.
New York State has already appropriated $550 million over the past 5 years and Governor Cuomo’s Housing Finance Agency has allocated $220 million in bond financing to make NYCHA’s first RAD project a reality. While these are positive first steps, there have been a variety of difficulties with a funding approach that is neither long-term nor part of a larger capital improvements strategy. A new 10-year plan with support from both the State and the City of New York should begin this year with at least a $500 million commitment from each level of government to preserve public housing units which are not slated for conversion and therefore not eligible for private financing.
- Raise $3.3 billion by earmarking revenue for NYCHA from Coop/Condo Abatement Reform.
$3.3 billion in bond financing can be raised by using the projected “savings” of $172 million annually. This can help close the $8 billion funding gap identified in the NYCHA 2.0 Plan which raises $24 billion towards the $32 billion total capital needs. READ COOP/CONDO PROPOSAL.
JOIN OUR CAMPAIGN
Add your organization to the list of supporters working to help NYCHA during this critical time.
COALITION FOR CAPITAL INVESTMENT TO #SAVENYCHA
ASSOCIATION FOR NEIGHBORHOOD HOUSING & DEVELOPMENT
CITIZENS HOUSING PLANNING COUNCIL
COMMUNITY SERVICE SOCIETY OF NEW YORK (CSS)
COMMUNITY VOICES HEARD
CONCERN FOR INDEPENDENT LIVING
CURTIS + GINSBERG ARCHITECTS LLP
ENTERPRISE COMMUNITY PARTNERS INC.
EQUAL OPPORTUNITY IN CONSTRUCTION INITIATIVE
HOUSING PARTNERSHIP DEVELOPMENT CORPORATION
IVP CAPITAL, LLC
JONATHAN ROSE COMPANIES
LEGAL AID NYC
NEW DESTINY HOUSING CORPORATION
NEW YORK HOUSING CONFERENCE
RED HOOK INITIATIVE
QUEENS COMMUNITY HOUSE
REGIONAL PLAN ASSOCIATION
RISEBORO COMMUNITY PARTNERSHIP
ROSENBERG HOUSING GROUP
RUTGERS HOUSES RESIDENT ASSOCIATION