City earmarks unprecedented $732M for NYCHA repairs

From left: John Rhea, Michael Bloomberg
From left: John Rhea, Michael Bloomberg

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.

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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