New York state legislature passes NYCHA Preservation Trust
NEW YORK -- Thousands of crumbling NYCHA apartments could finally be getting desperately needed repairs.
Thursday, the state legislature passed the New York City Public Housing Preservation Trust.
NYCHA chair Gregory Russ says the trust gives the agency the ability to raise billions of dollars in capital funds to speed up repairs and make long-overdue investments.
NYCHA estimates it needs $40 billion to fully renovate all of its buildings.
Gov. Kathy Hochul is expected to sign the bill into law.
