NYCHA opens comment period on voting plan for funding stream

The New York City Housing Authority took a step Friday toward unleashing a stream of funding for repairs to some 25,000 units, opening public comment on a plan to allow developments to vote on whether they want to opt into the program.

The votes would allow residents to decide if they want their developments to be included in the Public Housing Preservation Trust, a new public benefit corporation that officials have said will bring in billions of dollars for repairs.

The city’s crumbling Housing Authority complexes house about 460,000 people in almost 180,000 units, according to City Hall. The reach of the program would be limited, at least at first.

The trust, approved by state lawmakers in June, still could be a benefit for some residents, who would see repairs financed through a bond program.

The city has said the Housing Authority needs more than $40 billion for repairs. Mayor Adams and Gov. Hochul have hailed the program.

“It is time to give back the power to the people,” Hochul said in June. “But back it up with billions of dollars.”

Critics, though, have questioned the wisdom of employing a novel borrowing strategy rather than simply increasing traditional funding streams.

Assemblyman Harvey Epstein, a Democrat whose Manhattan district includes 13 Housing Authority developments, said he is concerned because the city and state are not backing the borrowing.

He said he fears that the authority could default on its loans and lose ownership of developments to a private equity company.

“We’ve seen a lot mismanagement of NYCHA over the years,” Epstein said Friday. “If there’s mismanagement, and they make mistakes with this, the risk is much higher.”

Residents of complexes have until Nov. 23 to comment on the voting blueprint, according to the Housing Authority. Voting itself is not expected until next year.

Under the plan, each Housing Authority site would be required to spend 100 days engaging residents ahead of the vote. The voting period at sites would last 21 days and include in-person, online and mail-in balloting, according to the Housing Authority.

Residents can comment on the proposal by emailing [email protected].

“For years the idea of letting NYCHA residents decide their futures was rejected,” Jessica Katz, the city’s chief housing officer, said in a statement. “These draft voting procedures are resident and community driven and will finally put residents in the driver’s seat.”