NYCHA Manhattan Portfolio- PACT/RAD Conversion

Organization Name: PRC (PACT Renaissance Collaborative)

Project Title: NYCHA Manhattan Portfolio- PACT/RAD Conversion

Project Location: Manhattan

Project Description:
After being selected by NYCHA through a competitive process to undertake the initiative in November 2020, the PACT Renaissance Collaborative (PRC) began the massive rehabilitation of the New York City Housing Authority (NYCHA) Manhattan portfolio, consisting of 38 troubled New York City public housing buildings across 16 properties. As the project comes to a close more than 2,900 residents are benefiting from comprehensive upgrades to 1,718 apartments and common areas. Those improvements include fully renovated kitchens, bathrooms, and flooring in each apartment, in addition to thoughtfully designed landscaping, playgrounds and community facilities. Importantly, all renovations will take place while residents remain—no displacement necessary. Vital enhancements to the buildings’ elevator, security, and heating systems will also be prioritized for each development, as well as other needs identified by residents via a collaborative process, ensuring the most important voices, those of the residents, are heard.

Community Impact:
This project will deliver life-changing commitments made to residents in the NYCHA 2.0 plan. Launched in 2016, PACT is a key tool working to help drive much-needed funding into New York City Housing Authority (NYCHA) developments 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 (RAD), Tenant Protection Voucher (TPV) funding, and Part 200 disposition, all of which ensure long-term affordable housing. PACT is expected to address nearly $24 billion in capital needs over the next decade. PRC is continuing to manage the developments, providing on-site social services, and, in partnership with NYCHA, preserving affordability for more than 2,900 residents who depend on this critical resource of affordable housing. This Permanent Affordability Commitment Together (PACT) transaction resulted in major repairs and renovations for 1,718 apartments throughout Manhattan.

Organization Description:
CPC is a nonprofit multifamily finance company that uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity in the development industry, and address climate change. Since 1974, CPC has invested over $14 billion to finance more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,000 affordable units under ownership.

Team Members:

PRC, Community Preservation Corporation, The Community Development Trust, Monadnock Development LLC, Lemor Development Group, Kalel Holdings LLC, the Community League of the Heights, Cornell Pace Inc.