NYCHA board sitting on nearly $1B in fed cash
They earn close to $200,000 a year, ride in city-owned cars, live in tony Manhattan apartments — and are sitting on hundreds of millions of dollars intended to benefit low income New York families.
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.
Meanwhile, NYCHA’s highly paid board members are unable or unwilling to explain how they’ve left so much money to basically collect dust.
And Mayor Bloomberg, who appointed all four members of the board, has refused repeated requests for comment over several days.