The Trust Mod Program
The Trust’s Modernization & Preservation (Trust Mod) Program comprehensively renovates buildings and accesses increased funding for operations and capital repairs using the federal Section 8 program. Residents must vote to opt into the Trust and help drive the priorities for the initial renovation project, select the contractors to perform the work, and oversee the quality of work completed. NYCHA continues to manage the property, but the Trust oversees NYCHA’s operations and holds them accountable for performing to industry standards.
Residents Decide
The Trust will only go through these steps if the residents decide through a voting process that this is the best option for their community.
Trust Lease Package
All households under the Trust will be required to sign a new Section 8 lease. This allows for a comprehensive renovations while keeping homes affordable and maintaining resident rights.
How the Trust Works
The Trust is 100% public. After the Trust repairs and modernizes NYCHA buildings, NYCHA will continue to own and manage its property - there is no private manager.
NYCHA remains permanent owner of the land and buildings. NYCHA enters into a long-term ground lease with the Trust, approximately doubling the resources available to operate a development by accessing the federal Section 8 subsidy.
Similar to how other government entities raise revenue for capital improvements like bridges and roads, the Trust will issue bonds that fund comprehensive building renovations. The details of the renovations will be developed with input and partnership from residents.
The Trust will work with NYCHA to deploy its municipal workforce (22% of which are NYCHA residents) to continue day-to-day operations as the development’s Property Manager.
