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| The borrowed funds will go towards NYCHA repairs. Image: Shutterstock |
Few can possibly conceive of the funds necessary to
maintain strong public housing standards in a city as large as New York. In
what has become an unprecedented opportunity for the New York City Housing
Authority, an astounding $732 million has been issued in bonds from the city
for building repairs.
According to The
Real Deal, “The Bloomberg administration, the New York City Housing Authority,
the New York City Housing Development Corporation and the U.S. Department of
Housing and Urban Development announced that $732 million will be slotted for
repairs at NYCHA developments across the city.” This was announced in a
press release earlier this month outlining the nature of the project and where
specifically all of those funds would go. The
Real Deal adds that this is “the
largest value of bond proceeds ever raised for public housing capital funds.”
The funds
allocated for NYCHA repairs represent an unparalleled sum, but one that
local government is pleased to support city housing with. In a recent statement
Mayor Michael Bloomberg declared, “Unlike
other cities around the country, our Administration is deeply committed to
preserving and improving our public housing system, despite the major budgetary
challenges involved in doing so.” Bloomberg and NYCHA have made it clear
that being committed to making repairs and strengthening public housing are a
top priority, something that residents will be happy to hear.
According to the press
release issued from Bloomberg's office, $476 million of the total funds
will be put towards repairing deteriorating building exteriors at 24 public
housing developments, repairs that will impact 32,000 residents. $220 million
of the raised funds will refinance bonds issued in 2005, which NYCHA had also
used for repair work. These funds will provide NYCHA with the opportunity to
make critical improvements to their housing developments.
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