Preservation Program
Overview
The Trust’s Preservation Program comprehensively renovates buildings and increases funding for operations and capital repairs using the federal Section 8 program. Residents must vote to opt into the Trust Modernization & Preservation Program and help drive the priorities for the initial renovation project, select the contractors to perform the work, and oversee the quality of work completed. NYCHA continues to manage the property, but the Trust oversees NYCHA’s operations and holds them accountable for performing to industry standards.
Residents Decide
The Trust will only go through these steps if the residents decide this is the best option for their community through a voting process.
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 permanent owner of the land/buildings and enters into a long-term ground lease with the Trust, approximately doubling the resources available to operate a development by activating the federal Section 8 subsidy.
Similar to how other government entities raise revenue for capital improvements like bridges and roads, the Trust will issue bonds that fund comprehensive building renovations (with input and partnership from residents at the development).
The Trust will work with NYCHA to deploy its municipal workforce (22% of which are NYCHA residents) to continue operating the properties.
Photo Credit: Adi Talwar/CityLimits.org