344 EAST 28TH STREET
Why do we think that development is pending?
A major contribution to NYCHA’s budget shortfall over the decades was the fact that the federal government did not provide any operating support for buildings that were built with State and City funds early in the development of NYC’s public housing programs. The State supported them until 1998 and the City until 2003.
Since then, NYCHA had been operating these buildings with only the rents collected and by skimming from the budget for the whole program.
In 2010, NYCHA used an opportunity to get federal recovery bond money to arrange a deal that allowed Citigroup to become part owner, along with NYCHA, of these buildings and the rest of the City and State financed ones. This arrangement gave access to bonds and tax credit financing that NYCHA could not get by itself. It got a big chunk of money up front to be used for building upgrades and repairs.
• NYCHA continued to own the land and
• leased it a company shared by it and Citigroup.
• NYCHA continued to manage the buildings.
In 2017, NYCHA announced a plan to convert this development and the other remaining self-funded City and State developments to Section 8. The plan is
• NYCHA will continue to own the land and
• lease it a company shared by it and a private development partner
• that will own the buildings.
• Management will be done by a private company.
These developments will be entered into NYCHA’s Permanent Affordability Commitment Together (PACT) program. NYCHA announced that the conversion will come with major repairs. See http://www1.nyc.gov/site/nycha/about/press/pr-2017/20170713-pact.page
Who decides what happens to this property?
Why is this property part of NYCommons?
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