NYCHA closed on $1.4B for housing rehab projects with private partners
Publication: The Real Deal
With help from major developers, a handful of Brooklyn public housing complexes are getting a makeover.
NYCHA and the New York City Housing Development Corporation closed on the financing of three Permanent Affordability Commitment Together — or PACT — transactions to fund comprehensive renovations for 5,226 apartments across six NYCHA campuses, the agency announced last week.
The latest closings bring the total amount of capital funding generated to more than $3.1 billion for the renovations, enhanced property management and social services of more than 14,700 apartments.
Rehabilitation will begin early 2022 and finish sometime around 2024 and 2025.
The PACT program allows the agency to use the federal Rental Assistance Demonstration and convert units to Section 8 and finance facility renovations while preserving the campuses’ affordability and tenants’ rights.
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