The Verge

NYCHA seeking Private Developers

Wednesday, January 18, 2017 • • General
The New York City Public Housing Authority (NYCHA) is seeking developers to buy stakes in some 1,700 public housing units in Brooklyn and the Bronx under the federal Rental Assistance Demonstration (RAD) program. NYCHA officials say the buildings need $350 million of maintenance and will receive upgrades including new elevators and boilers and renovated kitchens, bathrooms and lobbies. By working with private investors through RAD, NYCHA can perform needed repairs that it otherwise could not afford. (The Wall Street Journal, January 18) In a press statement from NYCHA, Judi Kende, vice president and New York market leader at Enterprise, says, "This expansion of NYCHA's preservation plan through the creative use of public-private partnerships will change its financial trajectory, bring much-needed renovations, and improve the quality of life for thousands of residents, all while maintaining affordability and resident rights." (NYCHA, January 18)

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