On June 16, Governor Kathy Hochul signed new legislation S.9409-A /A.7805-D establishing the New York City Public Housing Preservation Trust and paving the way for the overdue repair, rehabilitation, and modernization of 25,000 apartments under control of the New York City Housing Authority (NYCHA).
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.
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:
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:
NYCHA is hosting periodic town halls and workshops about the Trust – get the latest schedule here.
Do you have questions about the Trust? Read these FAQs for more information.