Hopes for town’s beleaguered public housing company brightened after Real Estate Weekly reported that Associated Cos. and NYCHA struck a deal to handle 2,054 residences in Manhattan, full $366 million in renovations and assemble a brand new 100-unit constructing on unused land.
As an alternative of demolishing the Fulton and Chelsea-Elliott Houses, the settlement requires a intestine rehab of the 18 buildings, additionally creating new group areas, well being facilities and backyard areas. Plus: Half the 700 models of future new development can be income-restricted reasonably priced housing.
To make the deal work, tenants agreed to position the initiatives into NYCHA’s Everlasting Affordability Dedication Collectively program. Metropolis financing and funds from the federal Rental Help Demonstration will cowl the $366 million value.
NYCHA Chairman Greg Russ is an fanatic for RAD, a significant departure from town’s conventional public-housing mannequin that shifts buildings to non-public administration whereas doing main repairs.
The deal is a particular “win” for the tenants at Fulton-Chelsea Homes and one other success for Russ as he strives to save lots of NYCHA, which faces at the very least $40 billion in wanted modernization work, with no cash to pay for it.
Let’s hope the following mayor will help Russ get the stalled NYCHA 2.0 plan again in movement to generate $2 billion by leasing underused land (e.g., parking heaps, lawns, and so forth.) to non-public builders to finance new affordable-housing models.
Extra privatization is the one sensible choice for saving and sustaining reasonably priced public housing for low-income people and households — and for ending NYCHA’s vast backlog of maintenance and ordinary repairs. The quicker, the higher for all involved.