Nearly $1B Unspent by NYC Housing Board

The mayor's office said the amount of cash the agency has is no greater than it was in the past, and if it were to spend that money, none would be left for the next three years

Wednesday, Aug 1, 2012  |  Updated 11:34 AM EDT
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Nearly $1B Unspent by NYC Housing Board

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Nearly $1 billion in federal money has gone unspent by the New York City Housing Authority since 2009, according to a published report.

The Daily News reported Wednesday that federal money, intended to pay for repairs, has instead been sitting untouched in NYCHA's bank account.

"Why NYCHA is sitting on a pile of money while residents suffer and buildings deteriorate is incomprehensible," city Comptroller John Liu told the News.

The mayor's office said the amount of cash the agency has is no greater than it was in the past, and if it were to spend that money, none would be left for the next three years.

"There are unforeseen factors that have to be put into the equation," board member Margarita Lopez, a former city councilwoman, told the News. "NYCHA got the money from the federal government. The federal government has different regulations and demands."

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