Report: NYCHA wasted millions of federal dollarsPosted: Updated:
City Comptroller Scott Stringer released a report Wednesday saying NYCHA wasted hundreds of millions of federal dollars.
In his most recent audit, Stringer says NYCHA missed out on $692 million in potential revenue from the federal government because they didn't meet the application requirements. The money could have been used to repair or rebuild the public housing.
Stringer says NYCHA failed to convert some existing buildings into Section 8 housing, in which more than $250 million in federal funds were lost. He says it also failed to meet Department of Housing and Urban Development subsidy provisions.
Stringer says NYCHA spent millions on a consultant, but did not follow up on the consultant's actual recommendations.
NYCHA has responded to the report, saying there are major flaws. NYCHA says the report exaggerates missed revenue opportunities and disregarded some successful revenue opportunities.
Stringer says he will release several more audits in the coming months.