![\"Trust](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/10\/55561219539_205021ddd3_k.jpg\")
Mayor Mamdani with other officials Wednesday announces the financing for the first renovation project through the Trust. (Michael Appleton\/Mayoral Photography Office)<\/p>\nThe Public Housing Preservation Trust, created in 2022, announced the closing of a $607 million deal to renovate over 1,000 apartments at Brooklyn\u2019s Nostrand Houses. It\u2019s the first project financed through the Trust.\u00a0<\/p>\n
Mayor Mamdani with other officials Wednesday announces the financing for the first renovation project through the Trust. (Michael Appleton\/Mayoral Photography Office)<\/p>\n
On Wednesday, the New York City Housing Authority (NYCHA) announced the closing for a $607 million comprehensive rehabilitation of Nostrand Houses, located in Brooklyn\u2019s Sheepshead Bay neighborhood.\u00a0<\/p>\n
The plans at Nostrand Houses, which aim to \u201caddress decades of capital needs\u201d across over 1,000 apartments, are the first to be financed through the city\u2019s Public Housing Preservation Trust, a public benefit corporation created in 2022 to unlock repair funds for public housing that NYCHA can\u2019t access on its own.\u00a0<\/p>\n
City agencies plan to spend the $607 million on fully rehabilitating all 1,148 apartments across Nostrand\u2019s 16 residential buildings, which about 2,000 residents call home.\u00a0<\/p>\n
\u201cWe\u2019re talking about six phases of construction over five years that\u2019s going to begin this fall,\u201d Mayor Zohran Mamdani said at a press conference announcing the closing on Wednesday.\u00a0<\/p>\n
\u201cWe\u2019re doing about two buildings at a time at each phase,\u201d added Deputy Housing Mayor Leila Bozorg, who said that the majority of tenants will be temporarily relocated to other apartments within the development during construction, while \u201csome will be happening off site.\u201d<\/p>\n
Renovations will include new kitchens and bathrooms, improved heating and cooling systems, new elevators, lead and mold remediation and other improvements.\u00a0<\/p>\n
\u201cWe expect to be able to deliver the project on time,\u201d Bozorg said, adding \u201cso much this relies on the deep work that the Trust and NYCHA has done with residents\u2014some of whom have already been starting to relocate to make that first phase possible.\u201d The project is expected to be completed by the spring of 2030.\u00a0<\/p>\n
As federal funding for traditional public housing continues to dwindle, the city\u2019s housing authority\u2014which oversees hundreds of developments that house over 500,000 residents\u2014continues to grapple over how to secure direly needed resources to repair and modernize its housing stock.\u00a0<\/p>\n
Two housing initiatives, the Permanent Affordability Commitment Together (PACT) program<\/a> and the Trust, were created to help bring in more of that needed money\u2014and under both, the housing authority can access a much larger federal subsidy. The Trust can also issue bonds to raise funding<\/a>, something NYCHA can\u2019t do, while PACT brings in private developers to pay for and carry out repairs.\u00a0\u00a0<\/p>\n Residents of Nostrand Houses were the first to participate in a vote<\/a> over which of those programs their development should join, and also had the option to remain as traditional public housing. In the first of its kind vote\u2014which was held in December 2023, and by law required at least 20 percent of heads of households to participate\u2014the Trust had garnered the most support, with 424 of 759 votes.<\/p>\n At Wednesday\u2019s announcement, one 80-year-old resident named Larisa expressed feeling excited about the upcoming renovations, but also concerned about the temporary moves.<\/p>\n She told City Limits that she\u2019s lived in her apartment at Nostrand Houses for more than 25 years, and worries about moving furniture and other things she says she\u2019s collected \u201cover decades.\u201d<\/p>\n \u201cI\u2019m glad for the new apartment,\u201d she said. \u201cBut I worry that it\u2019s a long time, and I\u2019m not sure I\u2019ll come back to the apartment.\u201d<\/p>\n To reach the reporter behind this story, contact [email\u00a0protected]<\/a>. To reach the editor, contact [email\u00a0protected]<\/a><\/p>\n Want to republish this story? Find City Limits\u2019 reprint policy here<\/a>.<\/p>\n \tWe want to hear from you!<\/p>\n Take a short anonymous survey to help us deliver content to empower our community.<\/p>\n![\"Nostrand](\"https:\/\/citylimits.org\/wp-content\/plugins\/trx_addons\/components\/lazy-load\/images\/placeholder.png\")
The Nostrand Houses, the first NYCHA development that joined the Preservation Trust. (Scott Heins)<\/p>\n