June 20, 2017 Comments Off on NYCHA Closes $560M Deal for Ocean Bay Apartments Views: 2274 New York News, Outer Boroughs New York

NYCHA Closes $560M Deal for Ocean Bay Apartments

Despite threatened budget cuts, housing officials closed a $560 million deal to renovate the 1,395 public housing apartments at the Ocean Bay (Bayside) Apartments in Far Rockaway, Queens.

The New York City Housing Authority (NYCHA) announced the plan for Ocean Bay in January. Since then, a proposed federal budget would deeply cut NYCHA’s capital budget. The deal is the first redevelopment in New York City under the federal Rental Assistance Demonstration program, and the largest in the country.

“This innovative partnership will strengthen the Ocean Bay community and provide almost 1,400 New York families with much needed upgrades and improvements for their homes,” said Shola Olatoye, chair and CEO of NYCHA.

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