FRANKLIN AVENUE II CONVENTIONAL
Why do we think that development is pending?
Public housing is rental housing for eligible low-income families, the elderly, and persons with disabilities. It is publicly owned and built on public land. Its construction and maintenance are paid for with public funds in accordance with Section 9 of the U.S Housing Act of 1937. Public Housing Authorities (PHA) are publicly funded corporations created by the federal government to manage public housing.
NYCHA is the largest PHA in the country. NYCHA controls all the public housing and the land it is built on in New York City. According to NYCHA’s website, its mission is “to increase opportunities for low- and moderate-income New Yorkers by providing safe, affordable housing and facilitating access to social and community services.”
RAD (Rental Assistance Demonstration), designed by the U.S. Department of Housing and Urban Development (HUD) in 2014, allows PHAs to choose to permanently privatize housing developments. Once they get approval from HUD, PHAs can sell shares in public housing developments to private companies that finance repairs to the buildings and their surroundings in exchange. PHAs share control of these private companies with real estate developers and investors. Once a housing development becomes privately owned, residents lose all rights and protections associated with public housing. They must apply for and receive section 8 vouchers in order to remain in their homes. Section 8 then pays a portion of their rent to their new private landlords.
Franklin Avenue II Conventional is one of NYCHA's properties that might have been entered into the RAD program, or will be entered into the program in the near future. Please see notes and files to the right for updates on the status of the application.
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