![]() In recent years, the City also has provided additional funding on top of the federal operating subsidy. (NYCHA’s fiscal year begins January 1.) Public housing is funded through a combination of rents, which are capped at 30 percent of residents’ incomes, and subsidies from the federal government, which make up a portion of the difference between what tenants pay and NYCHA’s operating costs. NYCHA’s 2020 operating budget totaled $3.7 billion, with two-thirds for public housing and one-third for the Section 8 program. With over 170,000 units under management and a $1 billion Section 8 housing choice voucher portfolio, NYCHA is both the country’s largest public housing authority and New York City’s largest landlord. While one-time federal aid helped NYCHA cover its COVID costs in 2020, the outlook for 2021 depends on how NYCHA manages the ongoing impacts of the economic crisis in addition to the challenges it already faced to preserve and improve the City’s public housing stock. High labor costs, driven largely by benefits, made adding needed front-line maintenance and repair staff and capital project managers expensive.Įleven months later NYCHA’s already tenuous outlook has been compounded by the impact of the COVID-19 pandemic on its revenues and expenses. ![]() Meanwhile operating costs rose amid efforts to clear a work order backlog and maintain properties suffering from decades of disinvestment. Increasingly its operating budget was reliant on City subsidies and its rent collection rate steadily declined. ![]() The New York City Housing Authority (NYCHA) was in a precarious fiscal position prior to the pandemic.
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