Privatization via President Barack Obama's Rental Assistance Demonstration program is the best hope for New York City Housing Authority buildings, as far too many NYCHA-run projects fall ever deeper into disrepair.
It's a major departure from city's old public-housing model, as PACT converts NYCHA developments to Project-Based Section 8 complexes where private management conducts major repairs as the on-site property manager.
RAD unlocks twice as much federal funding for day-to-day operations (everything from maintenance to rent collection) while NYCHA continues to own the property and land.
Some 37,851 NYCHA units are now in the PACT planning and engagement stage - with a goal of converting 62,000 by 2028 - that should bring an estimated $13.2 billion worth of renovations.
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