By Nolan Miles
P3 Kentucky Staff Writer
More than just project funding, the benefits of public-private partnerships extend far beyond financial stability for large-scale endeavors with big price tags. They can also help aid in addressing society issues and improving citizen behavior in reaction to citywide improvements.
One such public-private partnerships that has gone above and beyond to address the depleting public housing infrastructure in New York City has also created a change in behavior from those benefiting from the P3. Since launching in 2014, the Triborough Preservation Partners have invested more than $80 million in public housing repairs. This investment has led to less work orders, improvements in rent collection and an increase in tenant satisfaction according to the Citizen Housing and Planning Council (CHPC) Study.
“The injection of financial resources has been a game-changer for the families living in these buildings,” said Jessica Katz, executive director of the CHPC, in a statement. “In designing this innovative program, NYCHA identified new partners and new resources to improve quality of life for residents.”
Click here to read more about the successes of the Triborough Preservation Partners, and learn how public-private partnership can create a positive ripple effect in communities.