Mayor de Blasio and NYCHA Chair and CEO Shola Olatoye today announced NextGeneration NYCHA (NextGen), a comprehensive ten-year plan to stabilize the financial crisis facing New York Citys public housing and deliver long-needed improvements to residents quality of life by changing the way NYCHA is funded, managed, and how it serves its residents. Developed with the input of hundreds of stakeholders and residents, NextGen is the most inclusive plan in City history to tackle the critical needs in public housing head on.

In its worst financial position in more than 80 years, NYCHA faces nearly $2.5 billion in a cumulative projected operating deficit over the next ten years, and nearly $17 billion in unmet capital needs for major infrastructure repairs. Billions in underfunding from all levels of government, outdated and inefficient management, and rapidly deteriorating buildings have jeopardized the future of the nations oldest and largest public housing authority.

Having to tighten your belt while taking good care of the important things and planning for the future is what so many New Yorkers must deal with every day. NYCHA is meeting those same challenges – having to live within their budget while improving conditions for tenants and planning for the future. It is never easy but this plan gives public housing the best chance to succeed, said Jerilyn Perine, Executive Director of the Citizens Housing and Planning Council and the former Commissioner of the NYC Department of Housing Preservation and Development.