NYCHA to receive $2B to address health and safety issues

A court will also appoint a federal monitor to oversee the repair work taking place at NYCHA housing stock

The city will pay over $2 billion toward repair work and upkeep at its NYCHA buildings across the city, over the next 10 years, the Wall Street Journal has learned. A source familiar with the negotiations informed the Journal that the city will officially make its announcement about the agreement later today.

As previously reported, the city will spend $1 billion over the next four years to address the health and safety concerns at NYCHA buildings. After that, the city has committed to spending $200 million to further address repairs and much-needed investment in the NYCHA housing stock.

A court-appointed federal monitor will oversee the work taking place at the NYCHA buildings over the next decade, according to the Journal. This agreement, which is officially called a consent decree, follows the agency's failure to comply with lead paint inspections, and heat outages that left 80 percent of NYCHA residents without heat or hot water at some point last winter.

Amid the scandals, NYCHA chair Shola Olatoye resigned in April, and governor Andrew Cuomo declared a state of emergency on the embattled housing agency. While the consent decree is a major step forward, NYCHA still needs $25 billion in overall repairs, which is up from $6 billion in 2005.

• New York City to Spend $2 Billion Over Decade in Public-Housing Agreement [WSJ]
• NYCHA set to receive $1B in repairs as part of new settlement [Curbed]
• NYCHA, facing $25B in repairs, is 'hitting a crisis point' [Curbed]