00:00My friends, today we come together to start to bring that legacy of neglect to an end.
00:06Today, we mark a major milestone on the path to a new era for NYCHA.
00:11The first ever financial closing of a $610 million modernization project
00:18done with the NYCHA Preservation Trust right here at Nostrand Houses.
00:24Now, the Preservation Trust is 100% public.
00:30Its actions will be guided by residents' input at every step of the way.
00:34When residents vote to participate in the trust, as they did here at Nostrand Houses,
00:38they unlock more than 10 times the amount of public funding to deliver the improvements they have long waited for.
00:45Throughout the conversion, NYCHA will retain full ownership and management.
