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Q&A
Comparison of rent collection rates between NYCHA and RAD/PACT properties
2:18:14
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87 sec
Council Member Erik Botcher inquires about the difference in rent collection rates between NYCHA and RAD/PACT properties. NYCHA CEO Lisa Bova-Hiatt confirms that while NYCHA collects 63% of rent owed, RAD/PACT partners collect in the high 90% range.
- NYCHA's rent collection rate is 63%, including arrears
- RAD/PACT partners' rent collection rate is in the high 90% range
- The significant difference in collection rates is noted and questioned
Erik Botcher
2:18:14
I had a question.
2:18:15
I wanted to follow-up on my line of question earlier regarding rent arrears.
2:18:22
NYCHA is collecting 63% of the rent owed, including arrears across its portfolio.
2:18:32
We, in a previous hearing, we went into detail contrasting that with the RAD PACT.
2:18:39
What percentage are the RAD PACT partners what percentage of rent are they collecting?
Lisa Bova-Hiatt
2:18:52
I want to make sure I have that number but I want to say that it's in the high 90s.
Erik Botcher
2:18:59
The high?
2:18:59
Yeah.
Elizabeth Rodriguez
2:19:00
90s.
Erik Botcher
2:19:00
Okay.
2:19:01
The high 90s.
2:19:01
Exactly.
2:19:02
One factor that to which that can be attributed is the fact that RadPact partners are allowed to do rent amnesty when they take over development, they can give amnesty to everyone there.
2:19:22
I think one of the other concerns is that RAD PAC partners can proceed with eviction for nonpayment.
2:19:32
How much of a factor is that in the high collection rate that RadPact has versus the 63%?