NYCHA ‘Preservation Trust’ passes State Legislature

Screen-Shot-2020-12-28-at-1.12.15-PM

State lawmakers on Thursday approved the formation of the New York City Housing Authority “Preservation Trust,” a new public entity that proponents say will allow for a massive influx of money into the city’s beleaguered public housing stock, where 350,000 New Yorkers live in properties all across the five boroughs.

The measure, which passed the State Assembly on Wednesday and the Senate on Thursday, would create a new city-owned public benefit corporation with the power to borrow money by issuing bonds, allowing for a significant stream of revenue into the nation’s largest public housing agency, which through years of defunding, neglect, and deferred maintenance by all levels of government, has about $40 billion in outstanding capital needs.

More from Around New York