The New York City Housing Authority (NYCHA) issued a first Request of Expressions of Interest (RFEI) last week to solicit interest from partners for development projects on private land.
With its issuance, the NYCHA is exploring the expansion of public development opportunities that could serve low-income New Yorkers. The RFEI is building on the success of NYCHA programs and existing partnerships, such as the Permanent Affordability Commitment Together (PACT) and the New York City Public Housing Preservation Trust.
The goals of the RFEI include identifying partners that can help expand the NYCHA portfolio, build more housing and leverage the scale of the authority’s existing portfolio to bring critical capital investment to its aging housing stock. After insufficient capital investment over the decades, necessary NYCHA building repairs total more than $78 billion, according to authority officials. NYCHA seeks to partner with developers and landowners to unlock new construction and preservation opportunities citywide on both properties adjacent to NYCHA land and other properties throughout the five boroughs of the city.
In its newest endeavor, NYCHA is pursuing the potential for further public development and the creation of more low-income housing in all five New York City boroughs.
The RFEI invites members of the real estate community to propose sites and existing buildings where NYCHA can use its flexible tools to achieve its aims of building more housing. Interested parties are encouraged to attend a virtual pre-submission conference on Sept. 9.
Since 2019, the NYCHA has preserved existing developments and utilized more sustainable long-term funding through the PACT program. More than 38,000 apartments are currently in some stage of the program, either in pre-development, construction, or complete. The authority is working towards 62,000 total units overall. Additionally, 1,700 units are now included in the Trust pre-development pipeline and will receive comprehensive renovations following Section 8 conversion.
In this next phase of development, NYCHA seeks to leverage every available federal tool, including Restore Rebuild, Transfer of Assistance and Project-based vouchers, to advance its three distinct goals outlined in the RFEI.
- Increasing high-quality housing opportunities and access to neighborhood amenities.
- Generating revenue for reinvestment in NYCHA communities.
- Expanding low-income housing opportunities for New Yorkers.
An example of a possible successful proposal in response to the RFEI is a planned prevailing-wage, senior affordable housing project located in the same neighborhood as a NYCHA development planned for capital investment. The proposal must also promote the use of vouchers on a proportion of units to provide housing for NYCHA residents.
Submissions as a response to the released RFEI will be accepted from Oct. 14 to Nov. 18. The responses must follow the submission instructions outlined in the RFEI. Other details about the authority and its programs can be found on the NYCHA website.
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