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On Tuesday, the New York City Housing Authority (NYCHA) and the New York City Housing Development Corporation (HDC) closed financing for three Perpetual Affordability Commitment (PACT) transactions to fund extensive renovations of 5,226 apartments across six NYCHA campuses. Brooklyn: Williamsburg Homes, Linden Homes, Penn-Wortman Homes, Boulevard Homes, Fiorentino Plaza, and Belmont-Sutter District. Each closure will enable NYCHA’s PACT partners to begin extensive upgrades of apartments and common areas; modernize building facades, elevators, security and heating systems; reduce environmental hazards such as lead-based paint; invest in energy and sustainability improvements at each campus; and to address other needs identified by residents in each development. Rehabilitation is scheduled to begin early next year and is expected to be completed between 2024 and 2025.

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With these recent closures, the PACT program has raised over $3.1 billion in equity financing for more than 14,700 apartments in New York City to facilitate extensive renovations, along with improved property management and social services.

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“NYCHA and its partners continue to mark important milestones in the service of the families they serve through the PACT program,” said Vicki Been, Deputy Mayor for Housing and Economic Development. “The funding and management resources they have raised under the program have set the Authority on track to support NYCHA residents of these developments in a sustainable way into the future. Thank you to the entire team for a successful closure.”

“The PACT program remains one of the Institution’s best tools for comprehensively rehabilitating NYCHA campuses with significant infrastructure repair needs,” said Greg Russ, NYCHA President and CEO. “The large-scale rehabilitation efforts, sound property management, and collection of experienced partners put together to provide much-needed social services for these estates will enable NYCHA to continue our commitment to creating stronger developments for thousands of additional public housing families.”

“Today’s announcement marks a tremendous victory for the nearly 10,000 residents at the six NYCHA campuses in Brooklyn,” said HDC President Eric Enderlin. “Thanks to the extensive collaboration of our partners and NYCHA residents, we are able to meet the need for extensive repairs, extended social services, and guaranteed affordability and tenant protections through PACT. I want to congratulate NYCHA, our partners and above all residents and applaud them for their continued efforts to bring critical improvements to the city’s public housing stock.”

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“The public-private partnerships represented in this latest round of PACT projects enable the Authority to raise the funds needed to make capital repairs and direct additional community resources to residents, while maintaining public control of NYCHA buildings with the support of our tenant leadership. ” said Jonathan Gouveia, NYCHA’s Vice President of Real Estate Development. “Today’s announcement marks a major milestone in our commitment to deliver desperately needed and overdue repairs for the 62,000 apartments in NYCHA’s portfolio.”

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Williamsburg Houses will receive $490 million in extensive renovations for 1,621 apartments and 20 residential buildings on the property. PACT partners in Williamsburg are managed by MDG Design & Construction and Wavecrest Management. MDG Design and Construction will carry out the rehabilitation works. Wavecrest Management is now responsible for the day-to-day management and operation of the property. Social services are nonprofit partners of St. Provided by Nicks Alliance and Grand Street Settlement.

Linden Houses and Penn-Wortman will receive more than $430 million extensive renovations for 1,922 apartments and 22 residential buildings on the two properties. It is led by PACT partners, Douglaston Development, L+M Development Partners, Dantes Partners and SMJ Development for Linden and Penn-Wortman Houses. Rehabilitation work will be carried out by Levine Builders and L&M Builders Group. Property management and maintenance of buildings and grounds are provided by C&C Apartment Management. In addition to the existing services of CAMBA and the Millennium Club, both located at the Penn-Wortman Community Center, onsite social services are managed by the University Placement.

The Boulevard, Belmont-Sutter District, and Fiorentino Plaza Homes will receive more than $483 million in extensive renovations for 1,673 apartments and 29 residential buildings across the three properties. PACT is managed by partners Hudson Companies, Property Resources Corporation and Duvernay + Brooks. Rehabilitation work will be handled by Broadway Builders LLC and Melcara Corporation. Property management is now owned by Property Resources Corporation and Lisa Management, Inc. provided by. On-site social services are provided by CAMBA.

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“On behalf of Williamsburg Houses residents and Board members, we are excited that the PACT program is coming to Williamsburg Houses,” said Lavonne McLamb, President of the Williamsburg Houses Residents Association. “Our residents are overdue for significant improvements in our development. We look forward to our transformation into our apartments and being part of the revitalization of our community.”

Housing Development Corporation

“I am delighted that NYCHA, Boulevard Together, and the Resident Association are working together to bring about the PACT transformation. The Boulevard Together team devoted special attention and time to each resident, giving them one-on-one time and a chance to ask questions specific to their specific needs. have worked with residents to add to their rents family members who had to return home due to the pandemic.” One of the biggest concerns some of our seniors on the Boulevard have is correct body measurements. “

“Williamsburg Houses is getting more than just physical improvements, it’s becoming a partner committed to improving residents’ quality of life,” said Joseph Camerata, Wavecrest Management Director of Operations and RDC. “The closure is actually just the beginning and we look forward to continued collaboration with our residents and partners at NYCHA and HDC.”

“As a former resident of Linden Houses for part of my childhood, I was honored and honored by the opportunity to develop the property for current residents and continue our company’s commitment to high-quality affordable housing in New York,” said Jeffrey E. Levine, Founder and President of Douglaston Development. . “Douglaston Development is excited to partner with L+M, Dantes and SMJ on the rehabilitation of the Linden and Penn-Wortman Homes.”

“This is about residents first and foremost. “We have had frequent and fruitful conversations with residents and their leadership associations and are excited to offer residents of Boulevard Houses, Fiorentino Plaza and the Belmont-Sutter District fully refurbished apartments with critical improvements to their buildings.” Aaron Koffman, Director of Hudson Companies. “This transformation project will maintain established safeguards and enduring affordability for future generations while also providing local workforce and educational opportunities. We look forward to working in close coordination with Property Resources Corporation, Duvernay + Brooks, NYCHA and HDC to make this vision a reality.”

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Through PACT, NYCHA uses the U.S. Department of Housing and Urban Development’s (HUD) programs to convert units into a Project-Based Chapter 8 program and fund comprehensive improvements in public housing developments, while maintaining long-term affordability and the foundation residents have in the public housing program. same rights. NYCHA’s PACT partners take responsibility for extensive repairs and day-to-day operations of PACT developments. NYCHA continues to own land and buildings, administer Chapter 8 subsidy, set rents (which continues to be capped at 30 percent of household income under HUD requirements), manage waitlists to fill vacant flats, and oversee rehabilitation. and conditions in development.

Today’s announcement is also an important milestone for the last two developments in NYCHA’s “no-fund” portfolio. The “unfunded” properties were eight public housing projects, including the Linden and Boulevard Homes, built and originally funded by the State of New York and the City of New York, but have not received direct City, State or federal funding since their addition in 2003. To NYCHA’s portfolio. The properties were not eligible for inclusion in HUD’s public housing and equity funding formulas, and NYCHA had to operate the properties by splitting the funds it received for public housing developments. By incorporating these developments into the PACT program, NYCHA and its partners can finally stabilize these properties by placing them on a safe and sound financial footing.

The New York Housing Development Corporation, New York’s municipal Home Finance Corporation, is PACT’s financing partner. HDC will coordinate loan financing with bonds issued through HDC’s Multi-Family Residential Bond Resolution (“Open Resolution”) or the newly created Housing Impact Bond Resolution (“Impact Resolution”), a bond resolution created solely to facilitate NYCHA; or will provide. transactions.

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Since 2016, it has raised more than $3.1 billion in equity financing for the PACT program.

The Pennsylvania Association Of Housing And Redevelopment Agencies

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Halo, Saya adalah penulis artikel dengan judul Hdc Property Management yang dipublish pada September 28, 2022 di website Smallcave

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