Gov. Hochul signs legislation to create NYCHA Preservation Trust

Hochul signs bill to create public trust for NYCHA

Gov. Kathy Hochul has signed legislation Thursday that could unlock billions of dollars in federal funding for NYCHA housing, impacting tens of thousands of public housing residents across the city.

The bill establishes a “Public Housing Preservation Trust,” a new public entity that supporters believe would help accelerate repairs across NYCHA buildings. It includes a guarantee that no resident will have to pay more than 30% of their income towards rent, according to officials.

It would double the amount of federal subsidies to NYCHA and fast-track long overdue repairs, Hochul said.

“It’s maddening when you’re sitting there in the dark or in the cold and your family or your kids are crying and you’re just so anxious,” she said at a joint press conference with Mayor Eric Adams on Thursday at the Polo Ground Houses in Washington Heights. “You should not have to wait.”

The legislation includes protections for NYCHA residents and ensures residents are involved in overseeing changes, including choosing which vendors will work on NYCHA properties.

“I’m a small homeowner and you know what I have the right to do? I have the right to choose what mortgage program I’m going to participate in,” Adams said. “Now NYCHA residents have the right to decide if they want to participate in this land trust. I have a right to pick the vendor that I want to repair something in my home. Now NYCHA residents have the right to pick the vendor if they repair something in their home.”

NYCHA is in need of more than $40 billion in funds to fully restore and renovate all its buildings, according to officials.

The state legislature passed the bill earlier this month.