NYCHA Designates Development Partners to Repair and Preserve over 5,900 Affordable apartments in Manhattan and Brooklyn

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Untitled Document

FOR IMMEDIATE RELEASE: February 13, 2020

CONTACT: media@nycha.nyc.gov | (212) 306-3322

NYCHA DESIGNATES DEVELOPMENT PARTNERS TO REPAIR AND PRESERVE OVER 5,900 AFFORDABLE APARTMENTS IN MANHATTAN AND BROOKLYN
Comprehensive renovations will include modernized apartments, rehabilitated elevators, new security upgrades, and improved building systems benefitting more than 11,000 residents

NEW YORK – Today, the New York City Housing Authority (NYCHA) announced the selection of five development teams that will partner with the Authority under the Permanent Affordability Commitment Together (PACT) program to preserve 5,908 units in Manhattan and Brooklyn with critical infrastructure and capital repair needs.

The teams – comprised of more than a dozen affordable housing developers, property management companies, and nonprofit organizations – were invited to submit their proposals for the renovation of Williamsburg Houses, Linden Houses, Boulevard Houses, Harlem River I and II Houses, Audubon Houses, Bethune Gardens, and Marshall Plaza. The restoration initiative was first announced in September 2019 after the selected entities were vetted as pre-qualified partners in May 2019.

“We are excited to announce the development teams that will partner with us in meeting the capital need of more than $1.5 billion associated with these NYCHA campuses,” said NYCHA Chair & CEO Greg Russ. “Today’s designations are an essential milestone in the life of the Authority and the involvement of these partners will be instrumental in completing the renovations our residents need and deserve.”

“Thousands of NYCHA residents will soon receive vital improvements to their homes as a result of the partnerships announced today,” added HDC President Eric Enderlin. “HDC is proud to join NYCHA and all of our partners as we continue to deliver on our commitments under the PACT plan and bring comprehensive repairs to some of our city’s most distressed public housing.”

“The average NYCHA building is 60 years old, and many buildings and apartments need significant investments to improve the residents’ quality of life,” said New York City Deputy Mayor Vicki Been. “By working with new partners, we are making good on our NYCHA 2.0 promise to make long-term and meaningful improvements to the city’s affordable housing.”

PACT is a critical part of NYCHA 2.0, the Authority’s 10-year strategic plan to repair public housing to improve residents’ quality of life. Under PACT, NYCHA seeks to identify resources and opportunities to make major improvements to developments, while preserving long-term affordability and maintaining strong resident rights.

For all PACT transactions, the New York City Housing Development Corporation (HDC), New York City’s municipal Housing Finance Agency, will coordinate or provide loan financing funded by taxable or tax-exempt bonds issued through their Multi-Family Housing Bond Resolution (the “Open Resolution”) or the newly created Housing Impact Bond Resolution (the “Impact Resolution”), a bond resolution created solely to facilitate NYCHA transactions.

The selected development teams will utilize several methods to convert operating subsidy to Section 8 and finance the 20-year capital needs at these NYCHA developments, including the Rental Assistance Demonstration (RAD) program, Section 18, and the Part 200 disposition processes established by federal housing law.

With the designation of the selected developers in place, NYCHA officials will continue working with residents to identify social service providers interested in collaborating with the Authority on key areas such as resident outreach, family partnerships, health initiatives, and NYCHA’s Office of Resident Economic Empowerment & Sustainability (REES).

A full breakdown of the selected teams for the NYCHA developments is below:

NYCHA Site(s)

Location

Property Information

Development Team

Linden Houses

East New York, Brooklyn

1,586 units

L+M

Development Partners

Douglaston Development

Dantes Partners

Levine Builders

Clinton Management

C+C Management

Boulevard Houses

East New York, Brooklyn

1,441 units

Hudson Companies

Property Resources Corp.

Broadway Builders

Melcara Corp.

Lisa Management

PRC Management

Williamsburg Houses

East Williamsburg, Brooklyn

1,630 units

Wavecrest Management

MDG Design + Construction

Harlem River I and II Houses

Harlem, Manhattan

693 Units

Settlement Housing Fund

West Harlem Group Assistance

L+M Builders

C+C Management

Audubon Houses, Bethune Gardens, Marshall Plaza

Harlem, Manhattan

558 units

Dantes Partners

Apex Builders

Webb & Brooker

To date, NYCHA and its development partners have converted 7,799 units across 30 developments through the PACT program:

Ocean Bay – (closed 12/16) – 1,395 units

Twin Parks West – (closed 10/18) – 312 units

Betances - (closed 11/18) – 1,088 units

Highbridge Franklin – (closed 11/18) – 336 units

Baychester Murphy – (closed 12/18) – 722 units

Hope Gardens – (closed 7/19) – 1,321 units

Brooklyn Bundle – (closed 2/20) – 2625 units

Armstrong I – 371 units

Armstrong II – 248 units

572 Warren Street – 200 units

Weeksville Gardens – 257 units

Berry Street – South 9th – 150 units

Marcy Ave – Greene Ave, Site A – 48 units

Marcy Ave – Greene Ave, Site A B – 30 units

Independence Towers – 744 units

Williams Plaza – 577 units

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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. HDC also serves as a key financing partner in the rehabilitation of our city’s public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative. Since 2003, HDC has financed more than 184,000 housing units using over $24.2 billion in bonds and other debt obligations, and provided in excess of $3.095 billion in subsidy from corporate reserves and other available funds held by the corporation. 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 five consecutive years, HDC’s annual bond issuance has surpassed $1.6 billion. For additional information, visit: http://www.nychdc.com