Here’s how a federal program could help revamp public housing

It’s helped transform a complex in Queens

TRD New York /
Aug.August 02, 2018 12:02 PM

Ocean Bay (Bayside) Apartments at 434 Beach 54th Street in Far Rockaway (Credit: Apartments and NYHC)

A federal program could help transform public housing in New York City.

The U.S. Housing and Urban Development’s Rental Assistance Demonstration program (also known as RAD), has rare bipartisan backing, Bloomberg reported. RAD is revenue-neutral becausemoney for the Section 8 vouchers comes from funds allocated for traditional municipal housing authority subsidies.

The program has helped developers of Far Rockaway’s Bayside homes use $560 million in private and government funds to revamp the 33-acre, 1,395-unit campus. And it pays off for investors, too. They have revenue from monthly vouchers guaranteed for 40 years instead of being subject to the fluctuations of federal budget appropriations.

Bayside has been an example of success amid the city’s public housing crisis. The New York City Housing Authority needs $31.8 billion over the next five years to keep up with repairs. And Mayor Bill de Blasio signed a consent decree in June with federal prosecutors to settle investigations into lead paint and other issues at NYCHA. Under the agreement, a federal monitor was put in place to oversee the housing authority.

The federal program began in 2012 as a small pilot. Congress had made 225,000 units eligible in 2017 and boosted that to 455,000 this year. So far, 98,000 of the 1.15 million federal housing units nationally are getting renovations under the program, the report said. New York follows hundreds of public housing authorities that have used the program. [Bloomberg] — Meenal Vamburkar

 

Related Articles

arrow_forward_ios
The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)

Luxury market checks off another disappointing week of sales

Clockwise from top left: 522 West 29th Street, 40 East 75th Street (center), 820 Fifth Avenue, 54 Thompson Street and 220 Central Park South 

These were the five priciest residential listings in NYC last week

Faith Hope Consolo (Credit: Getty Images)

Faith Hope Consolo’s secret family probes her will

William Zeckendorf and his brokerages are making moves. (Credit: iStock, Getty Images)

William Zeckendorf wants to build an army of NYC homeowners

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

arrow_forward_ios
Loading...