NYCHA rescue trust approved by New York Sate lawmakers

City leaders and lawmakers say thousands of public housing residents in New York City who have been forced to live with leaks, mold, broken elevators, and busted boilers may finally see better living conditions in what could amount to a fundamental shift in how public housing is funded in the city.

The state Legislature has passed a bill on Thursday that would allow the New York City Housing Authority, or NYCHA, to create a public-benefit corporation that could raise billions to renovate up to 25,000 apartments.

McFadden is one of NYCHA’s tenant leaders who supports a new way of trying to fix things.

“One of the reasons why I support the trust is because the trust will allow NYCHA to get the funding to do the necessary repairs in the New York City Housing Authority apartment,” McFadden said.

For two years, housing authority officials have been pushing a plan to create a public housing preservation trust — a public benefit corporation that will raise the cash to cover millions of dollars in renovations. The state legislature approved that proposal this week.

“The point here is to fix the property, fix the apartments and make sure we don’t lose a single apartment or a single family,” NYCHA chair and CEO Greg Russ said, in an interview with NY1.

They plan to start with 25 thousand apartments — converting them to section 8, which is a more reliable, affordable housing voucher from the federal government. The trust can then borrow cash and issue bonds to cover repairs.

Developments will have the choice of opting in by a yet to be determined voting process.

“Give us a chance to show we can make these buildings look, be and operate as they should as modern apartments,” Russ said.

Mayor Adams had endorsed the plan and Gov. Kathy Hochul is expected to sign the legislation.

It’s still created some controversy and some tenants have opposed the move.

McFadden certainly hopes Nostrand Houses are first in line.

“The trust is a game changer. It’s a new beginning, and it’s also a new start,” she said.