Genuine question: what is the non municipal bond approach on the table?
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But refi of what? Existing public debt?City level? Wouldn’t have to refi everything AND THEN get Adams to dedicate 100% of the savings to NYCHA, and then you might have 1-2% of the total need for the PHA. (3B per acre screen shot) 1/
We’re kinda debating if NYCHA should be allowed fund itself w bond revenue (currently it is not) and it seems to me the answer has to be yes…. 2/2
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Hesitant about this idea for reasons: NYCHA bonds would not support the debt service cash flow (ie junk bonds), low liquidity and therefore have an unreasonably high interest rate. This would then become a debt trap which would balloon and result in a default.
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How do you know that w such certainty? The whole thing is contingent on TPVs which are extraordinarily more generous than s9 subsidy levels
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That would be terrible for NYCHA tenants. I recall I was once called to litigate for a coop which defaulted on its mortgage and was deconverted. Terrible. Also, I am politically opposed to saddling the working class with debt. Become a CLT instead.
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The trust is basically a CLT
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