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NYCHA Strikes Privatization Deal on Nearly 6,000 Apartments
Development partners including L + M, the Hudson Companies and Douglaston Development have been selected to take over the management of 5,908 New York City Housing Authority (NYCHA) apartments in Manhattan and Brooklyn. The partnership is valued at more than $1.5 billion.
NYCHA selected five teams comprised of affordable housing developers, property management companies and nonprofit organizations to renovate Williamsburg Houses, Linden Houses, Boulevard Houses, Harlem River I and II Houses, Audubon Houses, Bethune Gardens and Marshall Plaza. The partnership is being undertaken through the Permanent Affordability Commitment Together (PACT) program.
“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.”
Pictured: Boulevard Houses in Brooklyn.
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