In addition to laying out the incredible expense of bringing the public housing of New York City into good repair, the Citizens Budget Commission also included recommendations for how to cover those costs.
"The Citizens Budget Commission released recommendations Tuesday suggesting how the New York Housing Authority could meet its $32 billion capital needs," reports Gabriella Iannetta.
According to Ianetta, the CBC, "recommends the agency be fully integrated into the city’s affordable housing strategy, transitioning NYCHA from a landlord to an affordable housing steward that manages fewer buildings by accelerating public-private partnerships, utilizing air rights and infill development to fund repairs and renovations, and improving operations and construction management."
The financing recommendations follow a report detailing the $31.8 billion over the next five years in capital investment needs. The number increases to $45.2 billion when extended 20 years. "[N]owhere near that amount of cash is expected to be allocated in federal, state or city budgets," adds Iannetta. Joe Anuta writes an earlier article devoted to the findings of the Monday report, following the scoop on the report by Sally Goldenberg.
Read the full story: CBC calls for 'dramatic changes' to address NYCHA's $32B capital need
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