July 13, 2017 Comments Off on NYCHA to Renovate Another 4,000 Apartments Views: 719 New York News, Uptown/Bronx New York

NYCHA to Renovate Another 4,000 Apartments

The New York City Housing Authority (NYCHA) has found a way to bring new funding and private-sector capital to eight crumbling apartment properties that need more than $640 million for critical repairs.

The eight properties receive no federal public housing funding — they were built decades ago under city and state programs that no longer pay to maintain them. NYCHA plans to use federal Sec. 8 Housing Choice Vouchers at these properties. That will bring new, stable revenue to the developments and allow for substantial improvements, which cost $23 million a year to operate. Over the years, NYCHA maintained these properties with money taken from the rest of its already underfunded portfolio.

Over 12,000 residents with more than 4,000 apartments will benefit from stable funding and building improvements. Community engagement will begin at Baychester and Murphy Houses this summer. A request for proposals will be released in fall 2017, and developer selection is planned for winter 2018.

Read More at NYCHA

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