NYCHA Gets Funds for 21 Developments
Monday, March 15, 2010
The New York City Housing Authority (NYCHA) will receive hundreds of millions of dollars to rehabilitate 20,139 units in 21 public housing developments. The U.S. Department of Housing and Urban Development (HUD) approved the funding today, which is a mix of federal stimulus money and private funds. HUD Secretary Shaun Donovan said a provision in the Recovery Act would also ensure that 11,743 of the units would continue to receive $75 million in federal funding each year.
"That...ensured not just that they're renovated but that they could be maintained as public housing over the long term," Donovan told WNYC.
The 21 complexes have been managed by NYCHA without funding from the state or the city for almost a decade. NYCHA says the ownership transfer won't affect the complexes' public housing status. The authority will still manage the developments and own the land they're on. Today's deal means some 20,000 public housing units will now receive about $100 million in stimulus dollars and more than $200 million in investment funds from Citibank.