What will happen to the residents of the State/City Developments once the minimum 15 year building and land leases expire?
At the end of the minimum 15 year partnership, the bank will receive the benefits from being a member of the partnership and at this point NYCHA will have the right to require the buildings. NYCHA will still continue to receive the federal operating and capital funding for the 21 State/City Developments at the end of the minimum 15 years.
