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Q&A
Capital funding increases for NYCHA in fiscal years 2025 and 2026
0:26:50
ยท
120 sec
Chair Chris Banks inquires about the allocation of additional capital funding for NYCHA, negotiated as part of the city's fiscal year 2025 adopted budget.
- $2 billion in capital funding was negotiated for affordable housing across fiscal years 2025 and 2026.
- $700 million of this funding was allocated to NYCHA, split evenly between the two fiscal years.
- Lescott-Martinez confirms receipt of $175 million in additional capital funds through the City of Yes program.
- The funds will be used for repairs of vacant units, critical infrastructure, and environmental hazard mitigation.
- Exact allocation of these funds is still under discussion between OMB, NYCHA, and City Hall.
Chris Banks
0:26:50
it comes to the city capital funding increases, the city, yes, and fiscal year fiscal year twenty twenty five, the fiscal year twenty twenty five adopted budget.
0:27:00
As part of the city's fiscal twenty twenty five adopted budget, the council negotiated for an additional 2,000,000,000 in capital funding for affordable housing across fiscal years twenty twenty five and 2026.
0:27:14
Included in this package was 700,000,000 for NYCHA, three hundred and fifty million in each fiscal year.
0:27:21
Can you give the committee an update on how the funding will be used in the up and coming fiscal years?
Annika Lescott-Martinez
0:27:28
So with regard to the City of Yes funding, we received a hundred and $75,000,000 in additional capital funds for various projects through fiscal year twenty six through twenty eight.
0:27:39
It includes repairs for vacant units, critical infrastructure, and environmental hazard mitigation.
0:27:45
OMB, NYCHA and City Hall are all currently in discussions about the exact allocation of these funds and all parties will have to agree to the allocation before work proceeds.
0:27:54
We're happy to provide an update to the council when those allocations have been decided
Gale A. Brewer
0:27:59
on.
0:27:59
Thanks.
Chris Banks
0:27:59
We definitely appreciate that.
0:28:01
The council also negotiated for more funding flow to NYCHA as part of the city, yes, for city of yes slash city for all.
0:28:12
As a result of the council's advocacy, the administration committed to an additional 200,000,000 in capital funds to support vacant unit readiness and section eight repairs.
0:28:23
Specifically, the administration committed a hundred and 75,000,000 to ready vacant units.
0:28:30
75,000,000 of this was committed to fiscal year twenty twenty five and fiscal year twenty twenty six.
0:28:38
However, the preliminary capital commitment plan shows no variances in in vacant unit readiness in those in these years in those years.