Home renovations cost $325M through P3/PPP
The New York City Housing Authority will invest $325 million for a public-private renovations plan. Through the federal Rental Assistance Demonstration program, the partnership will provide funding for renovations to the Ocean Bay Housing Authority development. Improvements will take place on 1,400 housing units at Ocean Bay that are home to 3,700 residents.
Ocean Bay was damaged during Hurricane Sandy in 2012, and the complex needs roof work as well as new boilers and heating systems and upgrades to elevator machinery. Renovations are also needed on interior and exterior lighting, kitchen and bathroom repairs and installation of new security cameras and new secure entry systems.