'Dire' Budget Shortfall at the New York City Housing Authority

Faced with shrinking federal spending on affordable housing and a strained housing market, the New York City Housing Authority is dealing with a massive budget shortfall and a massive wait list.

"After years of shrinking government investment in public housing, the agency has a $77 million budget deficit this year and unfunded capital needs totaling $18 billion, its officials say," reports Mireya Navarro.

"Shola Olatoye, the housing authority’s chairwoman, said the huge shortfalls had pushed public housing into a 'pretty dire' phase, leaving the authority unable to meet many of its day-to-day obligations, like timely repairs, and most of its long-term capital needs."

Affordable housing advocates are falling short of a government action, "some use the term Marshall Plan," to rescue public housing in New York City.

Full Story: Public Housing in New York Reaches a Fiscal Crisis

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