NYCHA is committed to providing safe, affordable housing for low- and middle-income New Yorkers. Fulfilling this mission has become more challenging in light of a steady and substantial decline in government funding for more than a decade. In order to preserve public housing for generations to come, NYCHA is developing new, sustainable sources of revenue. One way to do this – as outlined in Plan NYCHA, our five-year strategic roadmap – is to leverage one of NYCHA's most valuable assets: its land.
Based on discussions with residents that began in 2006 with the development of the Plan to Preserve Public Housing, the Authority looked for opportunities to build new market-rate and low-income housing on NYCHA campuses while ensuring that no public housing apartments will be demolished and no families will be displaced.
Why Do We Need Land Lease Development?
- NYCHA serves nearly 630,000 public housing residents and Section 8 recipients across the five boroughs. With 179,000 apartments in 2,600 buildings, NYCHA is the largest public housing authority in the nation. Our portfolio of properties—most of which were developed in the 1940s to 1960s—is a valuable resource to the families we serve.
- But NYCHA’s funding has declined substantially over the years, failing to keep pace with the growing needs of our aging infrastructure. NYCHA’s operations budget has been underfunded by $750 million over the past decade. On the capital side, NYCHA has had its annual funding cut by 35% since 2001 – for a total cumulative loss of $875 million.
- NYCHA's unmet capital needs will more than double to $13.4 billion over the next five (5) years. To address critical building repairs such as new roofs, elevators and heating system upgrades, NYCHA must reinvest in itself. Leasing our land for new building development, which has the potential to generate more than $1 billion of capital funding, is one of the most important tools we have to help confront the funding challenges NYCHA faces and preserve public housing.
Submit Your Comment on NYCHA's Land Lease Plan