The Real Deal New York

NYC public housing gets $350M boost from federal stimulus and state

March 15, 2010 08:53AM

Armed with $350 million in new financing, the New York City Housing Authority will start renovation work on 20,000 apartments in 21 developments within weeks, the agency is expected to announce today. NYCHA is getting $100 million in federal stimulus funds, $210 million from bond sales and $40 million from the state in what Department of Housing and Urban Development Secretary Shaun Donovan is calling the “most signification preservation action in the history of public housing.” The new funds — plus an additional $65 million per year — will be announced at the Rutgers Houses on the Lower East Side today and in an unprecedented action, will go towards developments built by the city and state. “It’s not a one-time appropriation — it’s a continuing commitment,” said Senator Chuck Schumer. “It’s one of the most important things Washington can do for New York City.” [NYDN]

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