The recently established New York City Housing Authority “Preservation Trust,” designed to unlock billions of dollars in sorely needed federal funds to fix up the city’s dilapidated public housing stock, is taking shape, as Mayor Eric Adams appointed six individuals Friday to a nine-member panel that will lead the entity.
The trust is a city-owned public benefit corporation, set up through state legislation signed into law last year, with the power to borrow money by issuing bonds. Proponents of the trust say it allows for a significant new funding stream to make much-needed repairs across NYCHA’s aging 285 campuses, which collectively require an estimated $40 billion in capital improvements due to decades of divestment in the agency.
