NYCHA’s new repair model gets its first $607M test in Brooklyn

The city closed the first financing deal through its Public Housing Preservation Trust this week, unlocking $607 million for a top-to-bottom overhaul of NYCHA’s Nostrand Houses in Brooklyn.

The deal will fund renovations to 1,148 apartments across 16 buildings in Sheepshead Bay, home to roughly 2,000 residents. City officials said the financing closed Sept. 29, with construction expected to begin later this fall.