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New York City Public Housing Developments (Courtesy of NYCHA)
After much speculation, New York City Housing Authority (NYCHA) has officially announced its plan to lease parcels of land right in the middle of eight public housing developments in Manhattan to private developers. For several months, NYCHA officials have held meetings at the proposed sites, but the plans have been met with criticism from residents and local government representatives.
Chairman John B. Rhea told members of the State Assembly last Friday that the over-extended agency must “ find innovative ways to chart our own path” and make up for its significant loss of state and federal funding. Rhea told the Committee that the agency has lost over 2.3 billion in the last decade and now is “met with 6 billion dollars in unmet capital needs.”
NYCHA would lease a total of 14 parcels of lands to developers who would then be responsible for constructing and operating the buildings. The income, estimated to be between $30 and $50 million, from these new developments would then be invested back into public housing improvements. It is a lucrative deal for developers who will land a 99-year ground lease plus tax breaks.
NYCHA will soon issue an Request for Proposal (RFP) this Spring for the development of these 14 parcels located throughout the city from Lower Eastside up to Harlem.