Your guide to NYC's public proceedings.
AGENCY TESTIMONY
Overview of NYCHA's current financial situation
2:40:31
·
77 sec
Lisa Bova-Hiatt provides an update on NYCHA's financial outlook, including recent state and city funding allocations and the ongoing financial challenges faced by the authority.
- State budget appropriated $225 million to NYCHA
- City allocated $378 million in expense funds and $2.1 billion in capital funds for fiscal year 2026
- Despite new initiatives, NYCHA's finances remain precarious
- Rent payments constitute one-third of NYCHA's operating budget
Lisa Bova-Hiatt
2:40:31
Beyond our close attention to the unfolding developments in DC, not much has changed since we last discussed our budget with the council in March.
2:40:40
The figures in our adopted budget that we shared remain the same.
2:40:45
However, the state budget recently appropriated $225,000,000 to NYCHA.
2:40:53
We will engage with state stakeholders to program these funds in the coming months.
2:40:59
And we were allocated $378,000,000 in expense funds and $2,100,000,000 in capital funds including funding for our PACT and trust programs from the city for city fiscal year 2026 through the executive plan.
2:41:19
We are incredibly grateful for this support which will help stabilize the authority's finances and enable us to deliver vital repairs for residents.
2:41:29
While we're bringing top to bottom building and apartment renovations to residents through groundbreaking initiatives like PACT, the trust, and comprehensive modernization, NYCHA's finances remain precarious.
2:41:44
Rent payments constitute one third of NYCHA's operating budget.