In March 2010, the New York City Housing Authority (NYCHA) received approval from the U.S. Department of Housing and Urban Development’s (HUD) to complete the Federalization of 21 former City and State NYCHA developments, with more than 20,000 housing units. To qualify for ongoing federal subsidies, the developments were sold to an entity created and controlled by NYCHA. The sale also will enable HUD to include the 21 developments in a federal subsidy program that will deliver $65-$75 million every year for ongoing maintenance.

As a result of the transaction, NYCHA:

•Will receive more than $400 million in public and private funding, the majority of which will go to capital improvements that began immediately and will continue through 2012.
•Has begun apartment inspections and interior repairs on some of the 21 developments. So far NYCHA has started work at Rutgers and Amsterdam Addition in Manhattan, and Castle Hill and Marble Hill in the Bronx
•Has started Capital improvement work at all of the 21 developments. Including brickwork, façade and roof repairs, elevator replacement, front and rear entrance renovations and heating upgrades.
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