About the Trust
On June 16, 2022, Governor Kathy Hochul signed legislation creating the New York City Public Housing Preservation Trust (the Trust) after unprecedented advocacy from residents, NYCHA employees, and advocates eager for a solution to improve their homes and communities.
The Trust is a government agency that repairs, renovates, and modernizes public housing for residents in partnership with the New York City Housing Authority. The Trust will comprehensively renovate and improve operations of public housing through the resident-centric Preservation Program.
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.
"Today is a major win for all New Yorkers who call NYCHA home. This legislation will unlock additional federal funding and lead to billions of dollars in renovations — after decades of federal disinvestment — and provide for critical improvements for 25,000 apartments in NYCHA developments across the city. By partnering together, we have taken an important step to ensure residents have the safe, livable, and quality affordable housing they deserve."
— Kathy Hochul, New York State Governor
Ed Reed/Mayoral Photography Office
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 due to failing building systems such as plumbing, heating, and elevators. The Trust is eligible for a greater share of federal funding per apartment which will enable comprehensive repairs and improved service.
How the Trust Works
The Trust is 100% public. After the Trust repairs and modernizes NYCHA buildings, NYCHA will own, control, and manage its property—there is no private manager.
NYCHA remains the permanent owner of the land and buildings at each development. When the Trust and NYCHA enter into a long-term ground lease, their partnership unlocks a federal subsidy worth double what NYCHA currently receives.
Similar to how other government entities raise revenue for capital improvements and infrastructure like bridges and roads, the Trust will issue bonds that fund comprehensive building renovations. We’ll do this with input and partnership from residents at every development.
The Trust will work with NYCHA to deploy its workers (22% of whom are NYCHA residents) to continue operating the properties.
