"Both those options-Permanent Affordability Commitment Together (PACT) and the state-managed Public Housing Preservation Trust-convert NYCHA apartments to the Section 8 program, a federal voucher with more guaranteed funding. Just 12 Isaacs Houses tenants voted so far for PACT, which leases NYCHA buildings to private developers who then carry out substantial renovations with financing the government can't access on its own."
"NYCHA has already converted, or is in the process of converting, some 44,000 of its apartments to PACT, which officials say has raised more than $16 billion for repairs. But many public housing residents remain deeply skeptical of the switch to private management, pointing to higher eviction rates at PACT sites and mixed results when it comes to repair work."
"Under the Preservation Trust, NYCHA management remains in charge of the buildings, while the Trust-a public entity the state created in 2022-can issue bonds to finance major repairs. Residents at the Nostrand Houses in Sheepshead Bay were the first to vote to join the Trust in 2023; officials are moving forward with a $400 million r"
Tenants at NYCHA's Stanley Isaacs Houses on the Upper East Side voted on their preferred funding model for their buildings. Preliminary results show 280 residents chose to remain in the federal Section 9 program, rejecting two alternatives: PACT and the Public Housing Preservation Trust. Both alternatives would convert apartments to Section 8 vouchers with increased guaranteed funding. PACT involves leasing buildings to private developers for renovations, while the Preservation Trust keeps NYCHA management but allows state-created entities to issue bonds for repairs. Residents remain skeptical of private management due to higher eviction rates and mixed repair outcomes at PACT sites.
#nycha-housing-policy #section-8-conversion-programs #tenant-voting #public-housing-preservation #affordable-housing-funding
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