NYCHA Chairman Proposes Massive Borrowing Against Future Government Payments

New York City's public housing system has been working to repair about 175,000 apartments in its portfolio. But at the same time, it has been endeavoring to raise money to pay for those repairs. Over the years, various plans by Mayors Michael Bloomberg and Bill de Blasio have been floated but have barely gotten off the ground.

Now, about a year after formally starting the job, NYCHA Chairman Greg Russ has announced a new plan he says would fund repairs and raise money to invest in public housing in the future. 

Russ has proposed the creation of a public benefit corporation that would operate similarly to the MTA. He told WNYC's Jami Floyd that this "Public Housing Preservation Trust" would be able to turn to the bond market in order to borrow the money needed to finance crucial repairs to NYCHA housing stock. 

"This has to think about where that property will be in 40 years, so when we make the pitch to Congress, it's about that kind of investment," Russ said.

For the full conversation, click "Listen."