NEW YORK____Assemblyman Steven Cymbrowitz (D-Brooklyn), Chair of the Assembly’s Housing Committee, has introduced legislation on behalf of New York City (A.11149) to establish a Public Housing Preservation Trust that would oversee billions of dollars in much-needed capital repairs and improvements within New York City Housing Authority (NYCHA) developments.
In July 2020, NYCHA presented its Blueprint for Change to outline potential paths forward for the stabilization and improvement of its aging properties. The comprehensive strategy includes the creation of a Public Housing Preservation Trust that could enable NYCHA to address $18 billion to $25 billion in capital need across roughly 110,000 apartments.
“NYCHA’s public housing facilities are deteriorating as a result of decades of diminishing capital investment,” Assemblyman Cymbrowitz said. “Recent assessments indicate that the housing facilities’ capital needs have reached $40 billion – on average, over $200,000 per unit – and it is clear that NYCHA’s housing facilities require significant capital investment to design, develop, construct, reconstruct, improve, modernize, rehabilitate, and repair these aging buildings.”
The creation of the Trust would allow NYCHA to effectuate its plan to seek more federal funding per unit and leverage that new funding stream to finance infrastructure-level rehabilitation of the housing facilities.
Assemblyman Cymbrowitz said he is looking forward to getting feedback on the legislation from tenants, housing advocates and colleagues, and he is in the process of scheduling a Housing Committee hearing in early December to solicit further input.