Statement on NYCHA's Expansion of PACT
Today, President Carol Kellermann issued this statement on behalf of the Citizens Budget Commission (CBC):
"The New York City Housing Authority's (NYCHA’s) proposal to add 62,000 units to its Permanent Affordability Commitment Together (PACT) initiative is a big step in the right direction. CBC has called on NYCHA to take full advantage of public-private partnerships through PACT, including the Rental Assistance Demonstration (RAD) program, as part of a comprehensive strategy for addressing its $32 billion capital need. RAD will allow NYCHA to leverage private funding, speed up the pace of renovations, and take advantage of efficient private sector management practices–all without sacrificing affordability or long-term ownership.
RAD is just one component of NYCHA’s strategic plan; more needs to be done to put the Housing Authority on a sounder footing. Elected officials and labor leaders should take additional action to give NYCHA the resources and flexibility it needs to stabilize the system, and NYCHA's management must continue to pursue every opportunity to raise revenue and improve operations. Our report, Stabilizing the Foundation, includes recommendations for how elected officials and NYCHA's management and workforce can contribute to this effort."