The New York City Housing Authority has reached a deal with L+M Development Partners, Hudson Companies, the Settlement Housing Fund, Dantes Partners, Apex Builders, and Webb & Brooker to bring thousands of Manhattan and Brooklyn apartments under private management and do $1.5 billion worth of work, Crain’s first reported.
- How it works: NYCHA hopes to bring about 62,000 of its 174,000 units of public housing under private management by the end of 2028, mostly through the federal Rental Assistance Demonstration program (AKA RAD). Under the program, private companies repair and manage the properties and are essentially paid by the federal Section 8 program that helps tenants pay rent.
- Dig Deeper: The developers will focus on seven housing complexes totaling 5,908 units. The projects are East New York’s Linden Houses and Boulevard Houses; East Williamsburg’s Williamsburg Houses; Washington Heights’ Bethune Gardens and Marshall Plaza; Harlem’s Audubon Houses and Harlem River Houses 1 and 2.