NYCHA 2.0: Will this Multi Billion Dollar Initiative Preserve and Protect?
April 10, 2019
NYCHA 2.0 is a comprehensive plan to provide vital repairs to New York City’s public housing over the course of ten years. In a dual effort to both invest to preserve as well as fix to preserve NYCHA 2.0 aims to generate funds to provide quality affordable housing to it’s 400,000 residents. Investment strategies for this project are broken down into three categories; PACT to Preserve, Build to Preserve, and Transfer to Preserve. Through the utilization of this plan it is expected to generate $16B in addition to the $8 Billion provided in city, state, and federal funding. The $24B dollars generated are estimated to address 75% of the total $32B dollars in capital need for renovations throughout all NYCHA housing. Through the conversion of public housing, the acquisition of new properties, as well as air rights associated with neighboring properties will allow for the generation of the much needed capital to implement these renovations and continually improve the affordable housing stock in New York City. Unveiled by Mayor De Blasio The New York City Housing Authority was established in 1934 to provide middle and lower income families with affordable housing within New York City. Since its inception NYCHA housing has been in a state of continual degradation as funding and renovations have dwindled leaving many residents in poor living conditions. These issues range from problems with heating, to pest control, lead exposure, and mold contamination. With 70% of NYCHA housing being built before 1970 the need for these issues to be addressed and fixed become increasingly important. Unveiled by Mayor De Blasio NYCHA 2.0 acts as a comprehensive plan that will provide NYCHA housing with $24B dollars over the course of ten years. Through strategic development and reinvestment into other NYCHA housing it is expected to meet 75% of the total $32B of capital needs across all NYCHA developments. Investment strategies for NYCHA can be broken down into three categories; PACT to Preserve, Build to Preserve, and Transfer to Preserve.