NYCHA sent thousands of false Section 8 termination notices

The New York City Housing Authorities has been sending tenants into a panic with erroneous notices saying their Section 8 subsidy would be cut off. NYCHA sent the incorrect termination notices between August and March, The City reported. The letters were sent because NYCHA employees believed tenants didn’t submit paperwork to recertify income and household status, when the real cause was a NYCHA computer glitch. Officials believe the bug stemmed from the upgrade of a

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Adams pledges extra $5B in affordable housing funds

New York City Mayor Eric Adams is promising more money for affordable housing, but some are saying the pledge doesn’t go far enough. During his first State of the City address, Adams pledged an additional $5 billion of affordable housing funds over the next decade, Crain’s reported. The Department of Housing Preservation and Development would receive $3.6 billion for housing subsidies, while NYCHA would get $1.2 billion for the Permanent Affordability Commitment Together program, along

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Watch: Eliot Spitzer’s advice for Kathy Hochul

Less than a year after ascending to New York’s highest office following the ouster of her predecessor, Andrew Cuomo, Gov. Kathy Hochul is neck-deep in her first state budget negotiations — an annual slog through the political swamp of Albany in which much is at stake but little is revealed to the public until a final deal is reached. Numerous real estate issues remain unsettled as talks stretch far beyond the budget’s April 1 deadline,

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Affordable housing tops outer-borough loans with $1.4B for NYCHA upgrades

Totalling $1.35 billion, the three largest real estate loans issued in the outer boroughs in January came from public-private initiatives to repair public housing facilities in Brooklyn. The New York City Housing Authority secured federal funds for repairs through PACT, a program that allows private companies to manage NYCHA buildings while capping tenants’ rents at 30 percent of household income. In the private capital market, Hackman Capital Partners and Square Mile Capital secured refinancing for

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NYCHA residents fear evictions amid record arrears

Thousands of New York City public housing residents fear a wave of evictions as authorities contend with a record amount of unpaid rent and the state’s exhausted relief fund. NYCHA is owed more than $364 million in rent for 2021, marking the largest amount of unpaid rent in the agency’s history, the agency told the New York Times. More than 68,000 households in the system are behind on rent as of November, approximately 42 percent

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City investigating maintenance issues amid fires at NYCHA buildings

Maintenance issues are at the center of a probe by the city’s Department of Investigation into a recent string of fires in public housing developments. The agency is investigating three separate fires, according to The City. Those fires all devastated NYCHA developments: the Jacob Riis Houses in the East Village, Wise Towers on the Upper West Side and Mitchel Houses in the South Bronx. Investigators are examining maintenance problems tenants say were left unaddressed, including

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NYCHA fires 18 workers in overtime pay probe

NYCHA has fired a slew of employees the agency says it identified in an investigation over false claims of overtime work that earned the penalized workers more than $1 million. Seventy-eight people are under investigation by the agency in regard to false overtime claims, including 66 employees, most of whom are plumbers, and 12 supervisors, The City reported. As of Tuesday, 18 of those employees have been fired, while another four have been demoted. NYCHA

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3 things you missed while cheering de Blasio’s departure

New Yorkers could be forgiven if they missed some real estate news as Bill de Blasio’s mayoralty ended, which many have been pining for — for eight years, in some cases. Euphoria over de Blasio’s exit wasn’t the only distraction. The conflicting emotions of the holiday season and soaring omicron cases clouded our consciousness. Still, although The Real Deal didn’t cover the following three stories last week, it wasn’t because they weren’t important. We just

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NYCHA closed on $1.4B for housing rehab projects with private partners

With help from major developers, a handful of Brooklyn public housing complexes are getting a makeover. NYCHA and the New York City Housing Development Corporation closed on the financing of three Permanent Affordability Commitment Together — or PACT — transactions to fund comprehensive renovations for 5,226 apartments across six NYCHA campuses, the agency announced last week. The latest closings bring the total amount of capital funding generated to more than $3.1 billion for the renovations,

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Related wades into NYCHA — and becomes a target

Related Companies is the latest private landlord to sign up for fixing New York City Housing Authority buildings — and for the disdain of activists who object to what they call privatization. The New York-based company, in a joint venture with Essence Development, will carry out $366 million worth of repairs at over 2,000 NYCHA units in Chelsea. The entry into the public housing arena is a departure for Related, which is known for posh

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