September 23, 2008 – (RealEstateRama) — A new partnership between The New York City Housing Authority and Capital One Bank, N.A., will give residents of public housing the added convenience of making their monthly rent payments at the Capital One branch located at 273 East 3rd Street New York, N.Y. 10009 on Manhattan’s Lower East Side.
“It is our hope that residents combine the rent payment with other personal banking transactions, which will save them time and money. This will provide residents an easy way to make rent payments at a bank in their community,” said NYCHA Chairman Tino Hernandez.
This program presents another option to public housing residents for rent payments. Currently, residents can pay their monthly rents via mail to NYCHA’s rent payment processing center known as “Lockbox”, at authorized check cashing locations, or online through the Housing Authority’s e-payment system. NYCHA also has a payroll rent deduction program for those residents who are employees of the City of New York.
Currently over 150,000 payments per month are received by NYCHA through the Lockbox or through authorized check cashing locations throughout New York City. Currently, 1,100 City employees participate in the payroll rent deduction program and 8,000 monthly rent payments are made online using NYCHA’s new e-payment option.
“Capital One Bank is proud to partner with the New City Housing Authority, the largest public housing authority in the country, in this effort to bring underserved and unbanked individuals into mainstream banking,” said David Dineen, Executive Vice President for Capital One Bank in NY/CT. “By coming into the bank branch, residents will hopefully begin to build trust and understand that banking can help them meet their financial needs. The goal of this partnership is to provide an inexpensive and safe way for residents to pay their rent and to encourage them to establish checking and savings accounts.”
The partnership with Capital One marks the third time the Housing Authority is teaming up with a banking institution to offer residents an extra option to make rent payments. Payments can now be made at seven locations in Manhattan.
This is just another example of how NYCHA is trying to enhance customer service by providing options to pay rent that are efficient and easily accessible to residents.
“NYCHA residents are encouraged to access the banking services and information that the branch has to offer such as money management, basic budgeting, and building and maintaining good credit. The hope is that residents will not only use this easy more convenient rent-payment alternative but also continue to gain confidence about making financial decisions,” added Chairman Hernandez.
Capital One will process NYCHA rent payments for $1.50, which will be charged to the resident.
