Albany – Assembly Speaker Sheldon Silver, Ways and Means Committee Chair Herman D. Farrell and Housing Committee Chair Vito Lopez today announced the passage of legislation which would authorize the New York City Housing Authority (NYCHA) to restructure the ownership of all or part of housing projects not currently receiving direct federal funding in order to be eligible for federal operating subsidies and federal subsidies for major repairs (A.9487-B). There are currently 334 public housing developments operated by NYCHA. However, 21 of these, six owned by the city and 15 by the state, do not receive direct federal funding from the Department of Housing and Urban Development. Federal funding would enable NYCHA to address dire structural problems in its buildings, including broken elevators, leaking roofs, and security issues. Through the passage of this legislation, NYCHA will be allowed to enter into mixed-finance transactions, making these developments eligible for federal funding.
Assemblyman Alec Brook-Krasny (D-Brooklyn) said: “Along with the residents of the Marlboro Houses, I am very pleased that we were able to pass such an important bill, which will ease NYCHA’s operating deficits and allow for direct funding from the federal government. With this reorganization, nearly two dozen NYCHA developments in serious need of improvements will have access to needed funding.”