FOR IMMEDIATE RELEASE: September 10, 2019
CONTACT: email@example.com | (212) 306-3322
NYCHA ANNOUNCES FIVE NEW PACT PROJECTS TO BRING COMPLETE REPAIRS TO OVER 5,900 APARTMENTS IN MANHATTAN AND BROOKLYN
Since 2016, more than 5,100 apartments have been converted through the Permanent Affordability Commitment Together (PACT) program to ensure long-term affordability,
protect tenants’ rights, and bring comprehensive repairs and renovations.
NEW YORK––The New York City Housing Authority (NYCHA) announced five new projects for the Authority’s Permanent Affordability Commitment Together (PACT) program to preserve 5,908 units in Manhattan and Brooklyn.
In total, NYCHA has converted 5,174 apartments through PACT since the initiative’s launch, securing long-term affordability and in keeping with Mayor Bill de Blasio’s commitment to improve the quality of life for 140,000 New Yorkers through the PACT program. Additionally, 4,343 apartments in Manhattan and Brooklyn are currently in predevelopment and are expected to close later this year and early next year.
“The de Blasio administration is committed to improving the quality of life for NYCHA residents and we are doing that through PACT,” said Deputy Mayor for Housing and Economic Development Vicki Been. “Since 2016, more than 5,100 apartments have been converted through the PACT program, with thousands more apartments slated for renovations and long-term affordability. We remain focused on providing real results for NYCHA residents for generations.”
“Public housing residents across New York City are relying on us to address both their critical repair needs and secure affordable housing for their families — NYCHA 2.0 is a path for the City to do both,” said NYCHA Chair and CEO Greg Russ. “By investing needed capital into our properties, we and our partners are focused on making sure that more residents can experience an improved quality of life in safe, healthy homes for generations to come.”
“Thanks to the work being done under the PACT program, these sites will now receive the repairs and improvements that they need and their residents deserve,” said HDC President Eric Enderlin. “HDC is proud to partner with NYCHA in its ongoing efforts to preserve the city’s precious public housing stock.”
The next PACT transactions will address the full capital and infrastructure needs at eight developments within five distinct financings, securing repairs for 5,908 apartments in Manhattan and Brooklyn. Pre-qualified Partners designated through the April 2019 PACT Request for Qualifications (RFQ) process will be invited to submit proposals in response to the following projects:
Pre-qualified Partners must rank the five transactions by order of interest and then submit their rankings to NYCHA by September 17, 2019. By September 20, 2019, the Pre-Qualified Partners who submitted their rankings in accordance with the provided instructions will be notified which projects they have been selected to apply for.
A list of Pre-Qualified Partners is available on NYCHA’s website.
The Pre-Qualified Partners will be provided a copy of the Request for Expression of Interest. All proposals are due by October 25, 2019. Interested Pre-Qualified Partners attended a pre-submission conference on September 10, 2019 at 10 a.m. at NYCHA’s central offices located at 250 Broadway and via webinar.
Residents in developments participating in the PACT program will see their buildings and apartments transformed and rehabbed. Renovations of individual apartments will include comprehensive work on kitchens, bathrooms, windows, and flooring. Chronic heat and gas outages will be addressed and renovations of interiors and common spaces, as well as elevator repairs, will be completed. Additionally, there will be improvements to building security including entry systems and additional security cameras.
These latest five transactions will bring the total NYCHA sites closed under the PACT program to 11. In July, NYCHA closed and finalized its sixth PACT deal to secure the necessary funding for repairs and renovations of 1,315 apartments at the Hope Gardens consolidation in the Bushwick neighborhood of Brooklyn, benefiting more than 2,700 residents.
Under PACT, the selected apartments will shift to project-based Section 8 funding, and the buildings will be managed by the development partners. NYCHA retains ownership of the buildings and land, and will ensure that the partners adhere to standards outlined by the Guiding Principles created by the NYC RAD Roundtable to guarantee permanent affordability, deliver high-quality property management, and maintain equivalent tenant rights and protections for all residents.
Launched in 2016, PACT is one of three main tools under NYCHA 2.0 to help drive much-needed money into public housing infrastructure citywide while safeguarding long-standing tenant rights and protections. PACT allows NYCHA to completely renovate developments using HUD Section 8 conversion programs, including the Rental Assistance Demonstration program (RAD), Tenant Protection Voucher (TPV) funding, and Part 200 disposition, all of which ensure long-term affordable housing. The New York City Housing Development Corporation (HDC), the local housing finance agency, will assemble the financing, as well as provide asset management and compliance for the PACT transactions.
Altogether, funding generated by these tools allows NYCHA to address nearly $24 billion in capital needs over the next decade, or up to 75 percent of the Authority’s $31.8 billion overall capital need. More information on NYCHA 2.0 initiatives can be found here and here.
For more information regarding upcoming PACT meetings, residents can call NYCHA at (212) 306-4036 or email NYCHA2.firstname.lastname@example.org.
About the New York City Housing Authority (NYCHA)
NYCHA’s mission is to increase opportunities for low- and moderate-income New Yorkers by providing safe, affordable housing and facilitating access to social and community services. Over 390,000 New Yorkers reside in NYCHA’s 316 public housing developments and PACT/RAD developments formerly managed by NYCHA around the five boroughs. Over 190,000 receive subsidized rental assistance in private homes through the NYCHA-administered Section 8 Leased Housing Program. For more information, visit www.nyc.gov/nycha, and for regular updates on NYCHA news and services, connect with us via www.facebook.com/NYCHA and www.twitter.com/NYCHA.
About the New York City Housing Development Corporation (HDC)
The New York City Housing Development Corporation (HDC) is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 180,000 housing units using over $23.5 billion in bonds and other debt obligations, and provided in excess of $2.9 billion in subsidy. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last seven consecutive years, HDC’s annual bond issuance has surpassed $1 billion. For additional information, visit: http://www.nychdc.com.