NYCHA Now

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NYCHA Now
May 2022 

NYCHA Council Day Shines Light on Asset, Capital Management Progress

Vincent Echavaria

As part of its efforts to partner more closely with City officials and increase transparency on capital investments, NYCHA’s Asset & Capital Management Division hosted its first “Council Day” session on April 26. 

Members of the City Council and other City staff were invited to NYCHA’s Central Office at 90 Church Street in Manhattan for an opportunity to meet with department staff from Capital Projects, Real Estate Development, and Comprehensive Modernization, and receive updates on their work to preserve and modernize public housing for residents across the city.  

In a presentation to attendees, NYCHA’s new Chief Asset and Capital Management Officer Shaan Mavani provided an overview of the division’s responsibilities and programs, including information on project timelines and funding, as well as recent initiatives such as the web-based Capital Projects Tracker, which gives details and status updates for over 500 active and completed capital projects across the city.  

The Asset & Capital Management Division launched the tracker site in April as one of its measures to improve transparency to residents and stakeholders regarding NYCHA’s capital projects, along with increased stakeholder meetings, regular project updates, and budget reports.  

“This was a great opportunity for our staff to engage with Council Members and their teams, understand the needs of NYCHA residents in their constituencies, and explain how capital investments can address these needs,” Mr. Mavani noted about Council Day. “We very much appreciate the discretionary funding allocations that City officials provide to NYCHA, and we hope to partner closely with Council Members and residents to effectively utilize these investments.”    

Following the Council Day presentations, attendees were encouraged to visit several tables staffed by department employees, offering informational materials and displays of completed projects and ongoing initiatives. This included capital planning and physical needs assessments; design activities and Connected Communities projects; Recovery & Resilience projects; Energy projects; and Sustainability initiatives. 

Visitors also had the chance to ask questions and learn more about key initiatives to transform NYCHA and improve services to residents, including the Comprehensive Modernization and PACT (Permanent Affordability Commitment Together) programs. Since 2016, the PACT program has generated more than $3.4 billion in capital funding for comprehensive apartment renovations and building infrastructure improvements for nearly 15,500 households.