NYCHA's proposed plan would lease – not sell – 14 parcels of land located within eight (8) developments to private developers who would finance, construct, and operate the new residential buildings. The income generated through land leases would be dedicated to building improvements at the eight developments and other public housing properties citywide. Approximately 80% of the apartments would be market rate and no less than 20% of apartments would be permanently affordable to low-income residents.
The Plan Will:
- Not increase rent for NYCHA residents as a result of the new building development
- Not demolish public housing apartments
- Not displace NYCHA families
- Not privatize any NYCHA public housing – NYCHA will still be the landlord
- Not sell NYCHA land ; NYCHA will own the land under the new buildings
- Not result in job losses or increased work requirements for NYCHA personnel
The plan would generate between $30 million-$50 million on a yearly basis. The proceeds would fund critical capital improvements that would enhance quality-of-life for NYCHA residents. Additionally, this initiative would generate approximately 800 permanently low-income housing units for eligible low-income New Yorkers. NYCHA residents would receive a preference for the low-income units.
Benefits to NYCHA Residents at Lease Sites
New development will provide additional benefits to public housing residents including construction and permanent job opportunities; security enhancements to NYCHA buildings; and alternative power for elevators, heat and hot water service during blackouts and other emergencies.
Submit Your Comment on NYCHA's Land Lease Plan