The Public Housing Preservation Trust will be a new State-created public entity like the School Construction Authority. The Trust will keep rents capped at 30% of income, preserve all resident rights and protections, fix residents’ homes through capital repairs, and maintain a public workforce. Resident voices are a critical part of the Trust – from resident representation on the publicly appointed nine-member board to resident partnership during renovation projects.
✓Resident Opt-in Voting Process: Residents will have the right to choose whether or not to move forward with the Trust at their developments.
✓Resident Role in Vendor Selection: Residents will play a role in selecting vendors for the renovation work.
✓Resident Q/A Committees: Residents will serve on committees that check the quality of the work.
NYCHA needs over $40 billion to fully restore and renovate all its buildings, but the federal government has provided only a fraction of the funding needed for these improvements. Many of the conditions in NYCHA buildings are unacceptable and unsafe for residents and their families – renovations are long overdue.
The Trust is a critical tool because it can:
✓Access far more funding from the federal government.
✓Complete faster, higher-quality renovations with improved procurement rules.
The Trust is 100% public. NYCHA owns, controls, and manages the property, and there is no private manager.
The Trust will keep homes permanently affordable and preserve all resident rights and protections. These protections align with current public housing rights and are stronger than in the traditional Section 8 program: