City earmarks unprecedented $732M for NYCHA repairs

New York /
Sep.September 19, 2013 04:14 PM

The Bloomberg administration, the New York City Housing Authority, the New York City Housing Development Corporation and the U.S. Department of Housing and Urban Development announced that $732 million will be slotted for repairs at NYCHA developments across the city — the largest value of bond proceeds ever raised for public housing capital funds.

Of that total amount, $476 million will go to repairs of deteriorating building exteriors and systems at 24 public housing developments. In two locations in Brooklyn — Kingsborough and Kingsborough Extension — the work has already begun.

Another $220 million will serve to refinance bonds issued in 2005, the proceeds of which NYCHA had used for repair work.

“Unlike other cities around the country, our administration is deeply committed to preserving and improving our public housing system, despite the major budgetary challenges involved in doing so,” Mayor Michael Bloomberg said in a statement. “We’ve found creative ways to generate capital and reduce the backlog of repairs, and this bond issuance will further that progress.”

The work is part of a five-year “roadmap” to preserve public housing. Previously, NYCHA said it would make some land at housing developments available for purchase by private developers — a controversial endeavor aimed at raising $50 million for repairs. — Julie Strickland


Related Articles

arrow_forward_ios
Mayor Eric Adams and Bill de Blasio (Getty)
3 things you missed while cheering de Blasio’s departure
3 things you missed while cheering de Blasio’s departure
NYCHA closed on $1.4B for housing rehab projects with private partners
NYCHA closed on $1.4B for housing rehab projects with private partners
NYCHA closed on $1.4B for housing rehab projects with private partners
Dan Doctoroff (Getty)
Dan Doctoroff stepping down from Sidewalk Labs, faces ALS battle
Dan Doctoroff stepping down from Sidewalk Labs, faces ALS battle
Bloomberg nabs 191K sf expansion with SL Green
Bloomberg nabs 191K sf expansion with SL Green
Bloomberg nabs 191K sf expansion with SL Green
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
NY fighting LA for housing bucks in Biden’s aid package
NY fighting LA for housing bucks in Biden’s aid package
NY fighting LA for housing bucks in Biden’s aid package
NYCHA approves $60M, 101-unit affordable development in Bronx
NYCHA approves $60M, 101-unit affordable development in Bronx
NYCHA approves $60M, 101-unit affordable development in Bronx
(Getty, iStock/Illustration by Kevin Rebong for The Real Deal)
No-bid contracts ripe for corruption at NYCHA buildings: investigators
No-bid contracts ripe for corruption at NYCHA buildings: investigators
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...