Comptroller Scott M. Stringer called for the projected surpluses from the Battery Park City Authority (BPCA) to be directed specifically toward critically needed repairs at New York City Housing Authority properties.
Based on projected revenue flows, the Comptroller’s office estimates that the BPCA will generate some $400 million in surplus funds over approximately 10 years, with the bulk of the new receipts starting in fiscal year 2016.
In the past, these dollars have been dedicated to affordable housing in general.
Stringer’s call for targeting the BPCA funds explicitly at NYCHA’s urgent needs comes on the heels of new data showing that conditions at NYCHA are deteriorating more rapidly than at market-rent or rent-stabilized buildings.
BPCA owns the land underneath the buildings of Battery Park City and leases the property to the buildings developers.
Stringer wants the surplus from this rental income and BPCA’s payments in lieu of taxes (PILOTs), to be dedicated to the NYCHA project.