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AGENCY TESTIMONY
Capital budget and investment plans
0:14:12
ยท
3 min
Lisa Bova-Hiatt outlines NYCHA's capital investment program and plans for 2025 and beyond.
- $3 billion available for capital investments in 2025, including federal, city, and other funding sources
- Completion of 435 capital projects in the previous year, with over 650 projects currently underway
- Specific investments in Sandy recovery, boiler and elevator replacements, and roof repairs
- Five-year plan includes investments in heating systems, comprehensive modernization, roofs, facades, elevators, plumbing, and waste management
Lisa Bova-Hiatt
0:14:12
Thank you.
0:14:17
Thank you, Anika.
0:14:19
I will now discuss a few details regarding NYCHA's capital investment program.
0:14:24
In 2025, about $3,000,000,000 is available for capital investments in our properties, including approximately 731,000,000 in expected 2025 federal capital funding, 1.3 building billion in city capital funding available for the 2025 fiscal year city fiscal year, and other federal, state, and city funds allocated from prior year awards.
0:14:54
We greatly appreciate the city support which is helping us transform residents homes and quality of life.
0:15:01
We are also grateful for the state's commitments of over $1,000,000,000 for boilers, elevators, and facade improvements.
0:15:10
Although this capital funding is only a fraction of the $80,000,000,000 needed to fully restore our properties, we are making a difference for residents with the funding we receive.
0:15:21
Last year, we expended $1,030,000,000, about $86,000,000 per month on major physical renovations, completing a 35 capital projects.
0:15:35
More than 650 capital projects are currently underway across the city, and we are targeting $1,100,000,000 in expenditure and completion of a 35 projects this year.
0:15:50
We have spent almost $3,200,000,000 on sandy recovery work providing thousands of residents with new roofs, flood proof electrical equipment, boilers, backup power generators, and flood protection along with exterior lights, CTTV cameras, and security systems.
0:16:10
In support of our HUD agreement targets, we have replaced a 38 boilers and a 92 elevators through capital investments.
0:16:20
In 2025, construction work is underway at scores of developments to replace an additional hundred boilers and 83 elevators.
0:16:31
We have renovated renovated 405 interior trash compactor rooms with new equipment and 21 waste yards with new interior compactors.
0:16:41
30 waste yards are currently in construction.
0:16:45
We have replaced 545 roofs through our roof replacement program since 02/2018 and an additional 275 roof replacements are in progress.
0:16:58
We have also completed or advanced a range of smaller projects from CCTV and lighting to playgrounds and community and senior centers funded through mayoral, discretionary city council, or borough president allocations.
0:17:14
This includes 38 of the city council funded projects that we had to pause two years ago due to staffing constraints.
0:17:23
Overall, we more than doubled our city cap city capital funds commitments in city fiscal year 2024 to $862,000,000 or 89% committed.
0:17:38
Over the next five years, we plan to invest an additional approximately 1,300,000,000.0 to update heating systems, 1,100,000,000.0 for comprehensive modernization projects, 700,000,000 to repair roofs, 400,000,000 to repair facades, 409,000,000 to replace elevators, a hundred and 50,000,000 for plumbing upgrades, and 400,000,000 in waste management systems along with many other critical capital improvements.