On June 16, Governor Kathy Hochul signed new legislation S.9409-A /A.7805-D establishing the New York City Public Housing Preservation Trust and paving the way for the overdue repair, rehabilitation, and modernization of 25,000 apartments under control of the New York City Housing Authority (NYCHA).
The Public Housing Preservation Trust will be a new State-created public entity like the School Construction Authority. The Trust will keep rents capped at 30% of income, preserve all resident rights and protections, fix residents’ homes through capital repairs, and maintain a public workforce. Resident voices are a critical part of the Trust – from resident representation on the publicly appointed nine-member board to resident partnership during renovation projects.
Why NYCHA Needs The Trust
NYCHA needs over $78 billion to fully restore and renovate all its buildings, but the federal government has provided only a fraction of the funding needed for these improvements. Many of the conditions in NYCHA buildings are unacceptable and unsafe for residents and their families – renovations are long overdue.
The Trust is a critical tool because it can:
- Access far more funding from the federal government.
- Complete faster, higher-quality renovations with improved procurement rules.
How The Trust Works
The Trust is 100% public. NYCHA owns, controls, and manages the property, and there is no private manager.
- NYCHA remains permanent owner of the land/buildings and enters into a long-term ground lease with the Trust to secure Section 8 vouchers, a subsidy worth double NYCHA’s current federal subsidy.
- Similar to how other government entities raise revenue for capital improvements, the Trust will issue bonds that fund comprehensive building renovations (with input and partnership from residents at the development).
- The Trust can hire better vendors who can complete high-quality work, faster.
Keeping All Resident Rights And Protections
The Trust will keep homes permanently affordable and preserve all resident rights and protections. These protections align with current public housing rights and are stronger than in the traditional Section 8 program:
- Continue to pay 30% of income towards rent
- Continue to have full “Part 964” resident participation rights (including the right to organize)
- Continue to have all succession rights
- Continue to be restricted to low-income residents and continue to fill vacant apartments from the NYCHA waitlists
- Embed all rights, affordability, and use restrictions in the land and codify that protections cannot be changed and buildings cannot become market rate
Additional Information About The Trust
To learn more about the Trust, go to the Trust’s website.
Trust Town Halls & Workshops
NYCHA is hosting periodic town halls and workshops about the Trust – get the latest schedule here.
Frequently Asked Questions (FAQS)
Do you have questions about the Trust? Read these FAQs for more information.
