From the City of New York's press release:
New York City Mayor Eric Adams and New York City Housing Authority (NYCHA) CEO Lisa Bova-Hiatt today took a major step towards unlocking billions of dollars for comprehensive renovations for thousands of NYCHA residents — kicking off the resident engagement process for the first resident vote for the Public Housing Preservation Trust. The first resident vote will take place at Nostrand Houses in Sheepshead Bay, Brooklyn starting this November. Nostrand has more than $600 million in 20-year capital needs and ranks in the 80th percentile of NYCHA buildings for immediate physical needs, and its selection follows conversations with resident leaders. With NYCHA buildings needing nearly $80 billion, this process will offer residents an opportunity to vote and determine the future of their development. Options include entering the Trust or joining the Permanent Affordability Commitment Together (PACT) program — both of which leverage alternative streams of funding available through the federal government — or residents can chose to maintain the traditional public housing financing model, which would make it more difficult to expedite major capital repairs.
The Public Housing Preservation Trust is a public entity established by Mayor Adams and NYCHA in May 2023 and authorized by a law signed by New York Governor Kathy Hochul last year following extensive advocacy from the Adams administration and NYCHA. Under the Trust, residents will always maintain their rights — including permanently affordable rent and keeping NYCHA properties 100 percent public. The voting process is the first of its kind to empower public housing residents to have a direct vote in the future of their homes — beginning with the 2,191 residents in 1,148 apartments across 16 buildings at Nostrand Houses.
“Every revolution has to start somewhere, and our housing revolution is going to start at Nostrand Houses in Sheepshead Bay,” said Mayor Adams. “After decades of neglect and disinvestment by the federal government, the NYCHA Trust is the tool we need to unlock billions of dollars for public housing families across the five boroughs. Just over one year ago, I stood with residents of Nostrand Houses to celebrate our success in getting the Trust passed in Albany, and, today, we are announcing that they will have the first opportunity to vote to have their homes repaired through the Trust. Nobody worked harder to help us get the NYCHA Trust passed than these residents — they delivered for us, and this is our chance to deliver for them.”
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“This is a historic day for NYCHA, as we embark on the voting process at the very first development, giving the residents of Nostrand Houses a true voice in the future of their home,” said NYCHA CEO Bova-Hiatt. “This milestone is a testament to the many partners who understand the vast and compelling needs of NYCHA and the New Yorkers who live in public housing. We are thrilled to join residents on this journey and to present them with modernization options, including the newly established Public Housing Preservation Trust, for improving conditions and contributing to an enhanced quality of life.”