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FOR IMMEDIATE RELEASE: October 2, 2024
CONTACT: media@nycha.nyc.gov | (212) 306-3322

NYCHA and Partners Announce $419.6 Million Financial Closing of PACT Modernization Project to Renovate Boston Secor, Boston Road Plaza, and Middletown Plaza for Nearly 1,600 Residents in the Bronx

Closing is a key milestone in renovating 951 apartments, shared spaces, grounds, and building infrastructure across three developments, to dramatically improve residents’ quality of life

NEW YORK – On September 26, the New York City Housing Authority (NYCHA) closed on the financing for the $419.6 million Permanent Affordability Commitment Together (PACT) modernization of Boston Secor, Boston Road Plaza, and Middletown Plaza. Across the three developments, comprehensive renovations will be made for nearly 1,600 residents, including nearly 600 seniors, living in six buildings in the Bronx. Each development has now converted to Project-Based Section 8 through the federal Rental Assistance Demonstration (RAD) program. This funding will allow the PACT partner team – Beacon Communities, Kalel Companies, and MBD Community Housing Corporation – to address the capital needs of the buildings and grounds, and begin fully rehabilitating 951 apartments, as well as shared spaces, grounds, and building infrastructure, to improve residents’ quality of life. The PACT program also maintains all resident rights and preserves affordable rents for all households. Wavecrest Management has assumed day-to-day property management responsibilities, and Regional Aid Interim Needs, Inc. (RAIN) will be expanding its work on-site to include a comprehensive suite of social services and programs on site.

“Our administration is excited to show its continued commitment to creating safer and livable affordable housing for the residents at Boston Secor, Boston Road Plaza, and Middletown Plaza,” said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “The significant renovations funded by the PACT program will uplift this Bronx community for generations to come.”

“Closing on financing for the PACT projects at Boston Secor, Boston Road Plaza, and Middletown Plaza means that much-needed investment is on the way," said New York City Executive Director for Housing Leila Bozorg. “The PACT team, along with NYCHA and tenants at these three developments, have paved the way for changes that will deeply improve quality of life for 1,600 residents, and will be a symbol of how New Yorkers can accomplish great things for their communities.”

“NYCHA is excited to bring the PACT program – and the comprehensive renovations it represents – to the homes of residents at Boston Secor, Boston Road Plaza, and Middletown Plaza,” said NYCHA Chief Executive Officer Lisa Bova-Hiatt. “With this financial closing, we can begin capitalizing on the work already done alongside the residents of these three Bronx developments and the PACT partner team to develop a strategy that addresses the needs of the buildings on each campus and prioritizes quality of life improvements for residents.”

“Our NYCHA communities, including our senior communities, deserve to live in homes that not only meet their needs but allow their community to thrive,” said Executive Vice President for Real Estate Development Jonathan Gouveia. “NYCHA resident leaders and PACT partners have prioritized investments that will make Boston Secor, Boston Road Plaza, and Middletown Plaza safe, affordable, and accessible for generations to come. We look forward to our continued partnership and seeing over $400 million in investment go into these Bronx communities.”

“I’m hopeful that things are going to change at Boston Secor,” said Boston Sector Tenant Association President Shameca Patrick. “With more staff and workers here, we won’t have to deal with constant leaks or garbage piling up anymore. I think residents who weren’t sure about PACT will change their minds when they start to see how much better things are. People will feel differently when they start to see improvements for themselves.”

“I’m very excited for work to start here,” said Middletown Plaza Tenant Association President Rev. Marilyn Oliver. “I’m looking forward to things that haven’t worked for years – elevators, intercoms, basic things – to finally be repaired. Having new management that is on-site and easy for us to reach will also be a huge relief. For too long, seniors living here have felt unable to get the assistance they need. We’ll feel safter, too, knowing that management will have a regular presence here.”

“I’m glad to hear that the PACT team is going to start work soon,” said Boston Road Plaza Tenant Association Sergeant at Arms Carole Douglas. “The building has needed renovations for some time. I was really impressed with the work they did in the kitchen and bathrooms in the model unit and am happy we’ll be getting the kind of apartment residents deserve.”

“Nearly 1,000 households across NYCHA’s Boston Secor, Boston Road Plaza, and Middletown Plaza portfolio will soon benefit from transformative improvements to their homes, coupled access to expanded on-site social services provided by trusted community partners,” said New York City Housing Development Corporation President Eric Enderlin. “Many thanks to all our partners for their invaluable contributions as we work together to preserve New York City’s public housing stock through the PACT program.”

“We are thrilled to be partnering with NYCHA, fellow PACT team members, and the residents of Boston Secor, Boston Road Plaza, and Middletown Plaza to preserve and improve existing housing stock while dramatically enhancing quality of life,” said Beacon Communities Chief Executive Officer Dara Kovel. “Beacon is privileged to continue our commitment to providing high-quality housing through comprehensive physical improvements, resident engagement, and enhanced service provision. The project exemplifies Beacon’s 40-year history of responding to residents in large-scale revitalization projects and partnerships with public housing authorities.”

“The Kalel team is thrilled to continue this partnership with NYCHA, Beacon, MBD and our financing partners to preserve and create housing opportunities for residents throughout New York City,” said Kalel Companies Founding Principal Pierre Downing. “We are eager to commence work alongside the residents, families, and resident leadership to deliver the comprehensive renovations and expanded services provided through NYCHA’s PACT program across the Boston Secor, Middletown Plaza and Boston Road Plaza communities.”

“MBD is proud to be part of PACT for Boston Road Plaza, Boston Secor, and Middletown Plaza,” said MBD Community Housing Corporation Chief Executive Officer Derrick Lovett. “This endeavor, which will enhance the quality of life for nearly 1,600 residents across 951 units through extensive renovations, improved property management, and expanded social services, aligns closely with MBD’s mission to preserve and expand affordable housing opportunities throughout the Bronx. We are excited to collaborate with tenant leadership, our development and management partners, as well as NYCHA, to bring this project to fruition. This partnership highlights the power of cross-sector collaboration in positively transforming our communities.”

“NYCHA’s PACT program truly exemplifies Wavecrest Management’s belief that every New Yorker deserves a beautiful and affordable place to call home,” said Wavecrest Management Chief Financial Officer Susan Camerata. “We are honored to be the property management team for Boston Road Plaza, Boston Secor, and Middletown Plaza, and we look forward to collaborating with our fellow PACT partners. At Wavecrest Management, we understand that property management is about so much more than just day-to-day operations. We are excited to build relationships with nearly 1,600 residents living across the three sites and welcome all of them into our Wavecrest family.”

Since 2021, the PACT partner team, selected by resident leadership, has worked closely with residents and NYCHA to design every aspect of the developments’ renovation. After months of community and development meetings, the plans for the large-scale renovation have been completed, and the team has closed on the necessary financing to begin construction. Construction is expected to take approximately two and a half years.

Details on the planned investments and improvements to Boston Secor, Boston Road Plaza, and Middletown Plaza are outlined in the respective Community Plan documents, which were developed in collaboration with resident leaders and NYCHA and are being distributed to every household prior to the start of construction. Apartments at all three developments will receive comprehensive upgrades to bathrooms and kitchens, new doors and flooring, and fresh paint. Buildings at all three developments will receive new roofs, modernized elevators, and free Wi-Fi for all households as well as electrical, heating, cooling, plumbing, and ventilation upgrades. Development grounds will be revitalized by new landscaping, concrete pavement, new seating areas, bike racks, walking paths, and playgrounds, with an overall emphasis on accessibility and storm drainage and irrigation.

Beacon Communities is an owner, developer, and manager of affordable and mixed-income housing across the northeast, with nearly 19,000 apartments in 11 states. Beacon’s developments include new construction, historic adaptive reuse, public housing redevelopment and the preservation of existing housing. The organization’s driving passion is to create and manage well-designed, healthy homes that improve lives and enhance neighborhoods.

MBD Community Housing was founded in 1974 by a coalition of community activists in the Crotona Park section of the Bronx to rehabilitate a neighborhood deeply affected by blight and disinvestment. Today, the organization has 39 buildings and 1,200 housing units in its portfolio. Additionally, MBD has successfully constructed and renovated over 2,300 units of housing and sponsored the construction of several commercial developments throughout the Bronx.

Kalel Companies is a New York City-based minority-owned business enterprise (MBE) with experience working on several past NYCHA campus renovations through the PACT program. Founded in 2012, the firm partners with non-profit and for-profit entities to build high-quality affordable housing units and also has extensive experience in renovating and rehabilitating commercial properties.

The PACT program transitions developments from traditional public housing assistance to the more stable, federally funded Project-Based Section 8 program – unlocking funding for designated PACT partners to complete comprehensive repairs. Overall, 138 NYCHA developments (representing over 37,000 apartments) are in pre-development, are under construction, or have completed construction through the program. The Authority is on track to include 62,000 apartments in the PACT program in order to bring the benefits of comprehensive apartment repairs and building upgrades, as well as enhanced property management and social services, to more than 142,000 residents. The New York City Housing Development Corporation (HDC), New York City’s municipal Housing Finance Agency, is the key financing partner for PACT. In addition to providing or arranging the financing, HDC provides ongoing asset management and compliance support for PACT transactions.

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About the New York City Housing Authority (NYCHA)

The New York City Housing Authority (NYCHA), the largest public housing authority in North America, was created in 1935 to provide decent, affordable housing for low- and moderate-income New Yorkers. NYCHA is home to 1 in 17 New Yorkers, providing affordable housing to 528,105 authorized residents through public housing and Permanent Affordability Commitment Together (PACT) programs as well as Section 8 housing. NYCHA has 177,569 apartments in 2,411 buildings across 335 conventional public housing and PACT developments. In addition, NYCHA connects residents to critical programs and services from external and internal partners, with a focus on economic opportunity, youth, seniors, and social services. With a housing stock that spans all five boroughs, NYCHA is a city within a city.