Mayor Bill de Blasio on Tuesday announced plans to raise more money for the city's public housing system, known as NYCHA. NY1's Bobby Cuza filed the following report.

The mayor on Tuesday unveiled his turnaround plan for the financially troubled New York City Housing Authority.

"Next-generation NYCHA," Mayor Bill de Blasio said. "This is a game-changer."

The agency faces spiraling deficits and $17 billion in unmet capital construction needs after decades of dwindling funding.

"This is, at this moment, the worst financial crisis in the history of NYCHA," de Blasio said. "That's what these years of disinvestment have taken us to."

The makeover, presented by the mayor and Housing Authority Chairwoman Shola Olatoye, includes some controversial elements, like giving over unused land to private developers, though unlike a similar proposal under then-Mayor Michael Bloomberg, developers would be required to make 50 percent of those units geared to lower-income tenants. Separately, developers would build 10,000 affordable units in 100 percent affordable buildings. The two programs could generate up to $800 million in 10 years.

"The next step will be in August, when we identify the first specific sites that we believe are ready to begin the development process, and we'll obviously begin that by sitting down with residents of the development, talk about the specific plans," de Blasio said.

The housing authority would also save $40 million a year by eliminating 1,000 positions, many shifted to other city agencies, raise $30 million by improving rent collection, and up to $5 million by boosting parking revenue, including hiking parking fees paid by residents, some who pay as little as $26 a month.

"In most parts of the city, it would go up about $60 a month," de Blasio said. "So right now, about $26 would go up to about $86 a month."

Under the plan, residents would also see some improvements, including hundreds of millions of dollars directed toward enhanced security measures, and a roof replacement program to reduce mold and repair leaks. The housing authority will also launch an improved system to track repairs, including a smartphone app.

If all goes according to plan, the blueprint would put the agency back in the black, with a cumulative surplus of $230 million over the next decade.