New York City Mayor Eric Adams and NYCHA CEO Lisa Bova-Hiatt have initiated the resident engagement process for the first resident vote for the Public Housing Preservation Trust. Starting this November, Nostrand Houses in Brooklyn will be selected to take part in this historic vote. The development faces over $600 million in capital needs and was chosen due to its high level of immediate physical requirements.
Established back in May 2023, The trust allows residents to decide on their development’s future by offering options such as entering into a trust or joining Permanent Affordability Commitment Together program which provides access to alternative federal funding sources. Residents can also choose maintain traditional public housing financing model; however, it would slow down major repairs significantly.
“Every revolution has to start somewhere,” said Mayor Adams, “and our housing revolution is going begin at Nostrand Houses located Sheepshead Bay.” He further added that after decades of neglect from federal government side, NYCHA Trust serves as an effective tool which unlocks billions of dollars for public housing families across all five boroughs of New York City area .
