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As well all know by now there are changes happening at NYCHA complexes, but there are a lot of questions that the tenants would like answered. On Thursday Feb, 2, 2023 Assemblywoman Nikki Lucas will be partnering with the Pink Houses Tenant Association, in an effort to provide answers to questions surrounding the changes within NYCHA and how those changes will impact the residents. See the flyer below to RSVP for this very important information session.
About the Public Housing Preservation Trust
The Public Housing Preservation Trust is a new State-created public entity like the School Construction Authority. The Trust is supposed to keep rents capped at 30% of income, preserve all resident rights and protections, fix residents’ homes through capital repairs, and maintain a public workforce.
How The Trust Works
According to the NYC Housing Authority website, the Trust is 100% public. NYCHA owns, controls, and manages the property, and there is no private manager.
- NYCHA remains permanent owner of the land/buildings and enters into a long-term ground lease with the Trust to secure Tenant Protection Vouchers, a subsidy worth double NYCHA’s current federal subsidy
- Similar to how other government entities raise revenue for capital improvements, the Trust will issue bonds that fund comprehensive building renovations (with input and partnership from residents at the development).
- The Trust can hire better vendors who can complete high-quality work, faster.