Saturday, December 27, 2014

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NYCHA Budget Clobbered By $205M In Federal Cuts

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TWC News: NYCHA Budget Clobbered By $205M In Federal Cuts
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The New York City Housing Authority is preparing for its budget to be slashed by $205 million, or 11 percent, due to cuts in federal funding.

A spokeswoman for the agency says the federal government's sequester cuts will affect every part of the housing authority's budget. She says that without a new source of revenue, "difficult decisions are unavoidable."

She also says the housing authority is in the process of identifying immediate and long-term changes to balance its budget.

The City Council has scheduled a last-minute budget hearing on Thursday to address the unexpected shortfall.

The agency may have to close senior centers and community centers as a result of the cuts.

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