NYCHA board sitting on nearly $1B in fed cash

The New York City Housing Authority and its board members have failed to spend nearly $1 billion that it has been hoarding since 2009 to make life more livable for the 400,000 residents of its 334 developments, the Daily News has learned.  The money from the federal government is supposed to repair leaky roofs, broken elevators, moldy walls and busted playground equipment in the authority’s crumbling properties. But nearly half of the unspent dollars — $485 million — has been sitting untouched in NYCHA’s accounts for at least two years. Some of it — $233 million — dates back to 2009 as the agency continues to spend its money at a glacial pace.  Board member Margarita Lopez, a former city councilwoman…defended the agency’s tortoiselike approach to spreading the wealth.  “There are unforeseen factors that have to be put in the equation..NYCHA got the money from the federal government.  The federal government has different regulations and different demands.”

- New York Daily News

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