NYC Public Housing Preservation Trust

The Public Housing Preservation Trust will be a new State-created public entity like the School Construction Authority. The Trust will keep rents capped at 30% of income, preserve all resident rights and protections, fix residents’ homes through capital repairs, and maintain a public workforce. Resident voices are a critical part of the Trust – from resident representation on the publicly appointed nine-member board to resident partnership during renovation projects.

Changes In The Legislation That Passed In June 2022

✓Resident Opt-in Voting Process: Residents will have the right to choose whether or not to move forward with the Trust at their developments.

✓Resident Role in Vendor Selection: Residents will play a role in selecting vendors for the renovation work.

✓Resident Q/A Committees: Residents will serve on committees that check the quality of the work.

Why NYCHA Needs The Trust

NYCHA needs over $78 billion to fully restore and renovate all its buildings, but the federal government has provided only a fraction of the funding needed for these improvements. Many of the conditions in NYCHA buildings are unacceptable and unsafe for residents and their families – renovations are long overdue.

The Trust is a critical tool because it can:

✓Access far more funding from the federal government.

✓Complete faster, higher-quality renovations with improved procurement rules.

How The Trust Works

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 Section 8 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.

Keeping All Resident Rights And Protections

The Trust will keep homes permanently affordable and preserve all resident rights and protections. These protections align with current public housing rights and are stronger than in the traditional Section 8 program:

• Continue to pay 30% of income towards rent
• Continue to have full “Part 964” resident participation rights (including the right to organize)
• Continue to have all succession rights
• Continue to be restricted to low-income residents and continue to fill vacant apartments from the NYCHA waitlists
• Embed all rights, affordability, and use restrictions in the land and codify that protections cannot be changed and buildings cannot become market rate

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