More Money Dedicated to Distressed Public Housing
An additional 1,700 public housing apartments will be fixed up with help from millions in private investment, thanks to an expansion of New York’s Permanent Affordability Commitment Together (PACT) program. More than half of the apartments in the Bronx are affected, including some of the City’s “most challenging” public housing, according to city officials.
PACT is New York City’s version of a federal program that turns the existing stream of federal funding into consistent cash flow that can support a mortgage from a private lender. “This PACT creates an opportunity for NYCHA to raise over $300 million, and improve the lives of thousands of our residents almost overnight,” said Shola Olatoye, chair and CEO of NYCHA.
Just last month, NYCHA closed its first PACT deal to bring $325 million to 1,400 public housing apartments.
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