Governor Signs Legislation Establishing the Public Housing Preservation Trust

On June 16, Governor Kathy Hochul signed new legislation S.9409-A /A.7805-D establishing the New York City Public Housing Preservation Trust and paving the way for the overdue repair, rehabilitation, and modernization of 25,000 apartments under control of the New York City Housing Authority. Governor Hochul signed the bills alongside New York City Mayor Eric Adams, Assembly Member Steven Cymbrowitz, and Senator Julia Salazar.

“Today is a major win for all New Yorkers who call NYCHA home,” Governor Hochul said. “This legislation will unlock additional federal funding and lead to billions of dollars in renovations — after decades of federal disinvestment — and provide for critical improvements for 25,000 apartments in NYCHA developments across the city. I thank Assembly Member Cymbrowitz and Senator Salazar for sponsoring this bill and commend NYCHA leaders for their advocacy. By partnering together, we have taken an important step to ensure residents have the safe, livable, and quality affordable housing they deserve.”

“I applaud the establishment of the New York City Public Housing Preservation Trust, which will make quality, affordable housing available at a time when more and more families struggle to access this basic necessity,” said Lieutenant Governor Antonio Delgado. “By modernizing existing apartments under the control of the New York City Housing Authority and providing needed repairs, we are signaling to housing-insecure New Yorkers that they matter and that we will not allow them to live in subpar conditions any longer.”

Assembly Member Steven Cymbrowitz said: “After decades of federal funding failing to materialize, too many urgent repairs going unrealized, and NYCHA residents having to live with the consequences, the NYCHA Trust represents the opportunity of a lifetime to remake public housing. Bringing the Trust legislation to fruition was a herculean effort that involved the collaborative work of a lot of people, including housing advocates, NYCHA, and City and State government, all of whom never lost sight of the goal or of the shared mission of improving the lives of NYCHA residents.”

State Senator Julia Salazar said: “Residents of the two dozen NYCHA developments in our Brooklyn district and public housing throughout New York City have been forced to wait decades for legislators to take serious action on urgently needed repairs to the aging NYCHA developments. Tenants have previously had no choice in that process. By creating a Public Housing Preservation Trust, this bill will allow NYCHA to secure the federal funding and additional financing needed to improve conditions in NYCHA developments without privatization. Furthermore, this marks the empowerment of NYCHA residents to collectively make decisions about their respective developments and manage their buildings. The legislation also crucially protects all collective bargaining rights for NYCHA’s unionized workforce and will create additional high-quality union jobs. I thank Governor Hochul for signing this bill today as a critical step forward in an ongoing commitment to our city’s public housing residents.”

New York City Mayor Eric Adams said: “For too long we have underinvested in NYCHA, leaving aging infrastructure and utilities unrepaired, but, with this law, we are ensuring that NYCHA residents will now have access to safe, high-quality, affordable homes they deserve. For too long promises were made and not kept — today we are delivering on those promises. I want to thank the NYCHA residents, Governor Hochul, our partners in labor and advocacy, and all our partners in Albany for fighting to ‘Get Stuff Done’ for New Yorkers.”

New York City Housing Authority Chair and CEO Greg Russ said: “This is a momentous day in the history of public housing in New York City and across the nation. Thank you, Governor Kathy Hochul, for signing the Public Housing Preservation Trust legislation into law. The Trust gives NYCHA the ability to raise billions of dollars in capital funds to be invested in its properties and provides residents a true voice in the future of their homes. Governor Hochul — alongside NYCHA residents, bill sponsors Assembly Member Steven Cymbrowitz and State Senator Julia Salazar, the New York State Legislature, Mayor Eric Adams, community leaders, and advocacy partners — has led the way with the vision and courage necessary to disrupt the status quo, end decades of disinvestment and, for the first time, bring real and lasting solutions that will transform the quality of life of public housing residents in New York City.”

New York City Chief Housing Officer Jessica Katz said: “This is an incredible moment for the residents of NYCHA and New York City as a whole. Through the Trust, NYCHA residents are the only people who will decide the future of their homes — they finally have choices and the power to drive the conversation on how their homes are preserved. The NYCHA Preservation Trust will allow us to ensure these homes exist long into the future while remaining permanently affordable for thousands of New Yorkers. Thank you to Governor Hochul, Mayor Adams, Senator Salazar, Assembly Member Cymbrowitz and, most importantly, the NYCHA residents who have advocated for themselves, their families, and their communities to preserve public housing in New York City.”

Polo Grounds Towers Resident Association President Serena Chandler said: “I have lived in the Polo Grounds for 25 years. Some have been here from what we call day one; these are not just rented apartments, they are our forever homes. While things got pretty bad for a time, times are about to change. Under the Public Housing Preservation Trust, we will finally see the much-needed improvements and repairs to the inside of our homes, and with the protections in place we can look forward to a public housing legacy which will once again bring pride and reverence to our campuses across NYCHA for generations to come.”

The new law will unlock the Authority’s ability to invest billions of dollars in capital to stabilize its buildings by establishing the Trust as a public benefit corporation able to issue bonds and raise capital for comprehensive building renovations and improvements.

As a result, basic environmental health and safety issues, such as lead, mold, heating, elevators, pests, as well as other systems work, apartment rehabilitation, and grounds improvements, will be better funded and completed more quickly.

Under the plan, NYCHA – which oversees the nation’s largest public housing system – will now draw hundreds of millions of federal dollars in new support per year by utilizing federal Tenant Protection Vouchers that receive a higher per-unit subsidy than traditional Section 9 public housing. This additional subsidy will permit NYCHA to raise debt off the increase for vital capital improvements.

Importantly, the Trust will guarantee homes are kept permanently affordable while also preserving all current rights and protections for residents, including:

• Residents will pay only 30 percent of income towards rent;
• Residents will maintain all current succession rights;
• Apartments will continue to be restricted to low-income residents; and
• Apartment vacancies will continue to be filled using NYCHA waitlists.

In addition, residents will have the right to vote and decide whether to opt in to the Trust. Residents will also play an active role in determining which vendors are chosen to complete renovation work at their developments.

You can learn more about the Trust through this one-pager and these FAQs, and read through the digest of recent media coverage. If you have any questions about the Trust or other transformation efforts, please reach out to transform@nycha.nyc.gov.