'Dire' Budget Shortfall at the New York City Housing Authority

Faced with shrinking federal spending on affordable housing and a strained housing market, the New York City Housing Authority is dealing with a massive budget shortfall and a massive wait list.

1 minute read

August 19, 2014, 6:00 AM PDT

By James Brasuell @CasualBrasuell

"After years of shrinking government investment in public housing, the agency has a $77 million budget deficit this year and unfunded capital needs totaling $18 billion, its officials say," reports Mireya Navarro.

"Shola Olatoye, the housing authority’s chairwoman, said the huge shortfalls had pushed public housing into a 'pretty dire' phase, leaving the authority unable to meet many of its day-to-day obligations, like timely repairs, and most of its long-term capital needs."

Affordable housing advocates are falling short of a government action, "some use the term Marshall Plan," to rescue public housing in New York City.

FULL STORY: Public Housing in New York Reaches a Fiscal Crisis

Monday, August 11, 2014 in The New York Times

Housing New York New York City New York City Housing Authority (NYCHA) Public Housing Subsidized Housing Budget Shortfall View More

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