FUNDING NEW YORK CITY PUBLIC HOUSING: ANALYZING PUBLIC AND PRIVATE OPTIONS
New York City Public Housing is the biggest public housing program in the whole of North America. This claim presupposes a huge budget for the New York City Housing Authority (NYCHA), the agency that administers the public housing program.
It is imperative to get a fair background about NYCHA so that one can fully appreciate the scope of its budget. NYCHA was established in 1934 to provide housing to the City’s low income and vulnerable residents, namely the poor, seniors, and disabled.
It was a holistic federal housing policy spearheaded by the U.S. Department of Housing and Urban Development under Franklin D. Roosevelt to provide funding for urban public housing development across the United States (Glaeser p. 39).
NYCHA has over 177,657 apartments in 328 developments throughout the five boroughs of the City. About 175,817 families are resident in the units, where 403,275 individuals are authorized to live. To meet this ever-growing demand for public housing by New York residents, NYCHA has designed two programs, Public Housing and Section 8 Housing Choice Voucher Program.
Convention Public Housing refers to the apartment buildings developed …show more content…
This development has left a big budget deficit for the agency. This paper analyzes the public and private funding options available to the agency in executing the agency’s mission in providing affordable housing to low income New Yorkers. The analysis is premised on the Tax and Public Policies of the City, State and Federal governments. Analysis on public option focuses on the City, State, and Federal Budgets, and the exogenous and endogenous factors that impact their smooth operations. The ramifications of these factors will also be analyzed. Analysis about private option focuses on participation in the housing market and advancing plans to bring private rentals to public
New York City Public Housing is the biggest public housing program in the whole of North America. This claim presupposes a huge budget for the New York City Housing Authority (NYCHA), the agency that administers the public housing program.
It is imperative to get a fair background about NYCHA so that one can fully appreciate the scope of its budget. NYCHA was established in 1934 to provide housing to the City’s low income and vulnerable residents, namely the poor, seniors, and disabled.
It was a holistic federal housing policy spearheaded by the U.S. Department of Housing and Urban Development under Franklin D. Roosevelt to provide funding for urban public housing development across the United States (Glaeser p. 39).
NYCHA has over 177,657 apartments in 328 developments throughout the five boroughs of the City. About 175,817 families are resident in the units, where 403,275 individuals are authorized to live. To meet this ever-growing demand for public housing by New York residents, NYCHA has designed two programs, Public Housing and Section 8 Housing Choice Voucher Program.
Convention Public Housing refers to the apartment buildings developed …show more content…
This development has left a big budget deficit for the agency. This paper analyzes the public and private funding options available to the agency in executing the agency’s mission in providing affordable housing to low income New Yorkers. The analysis is premised on the Tax and Public Policies of the City, State and Federal governments. Analysis on public option focuses on the City, State, and Federal Budgets, and the exogenous and endogenous factors that impact their smooth operations. The ramifications of these factors will also be analyzed. Analysis about private option focuses on participation in the housing market and advancing plans to bring private rentals to public