From the New York City Housing Authority's press release:
Today, the New York City Housing Authority (NYCHA) and New York City Housing Development Corporation (HDC) closed on the financing of the latest Permanent Affordability Commitment Together (PACT) transaction to fund comprehensive renovations for 690 apartments (as well as the construction of three apartments) at Harlem River Houses and the adjoining Harlem River II campus. This latest conversion will enable NYCHA’s PACT partners to begin comprehensive upgrades to apartments and common areas; modernize building facades and provide façade repairs to landmarked buildings; upgrade elevators and security and heating systems; abate environmental hazards such as lead-based paint; invest in energy- and sustainability-related improvements; and address other needs identified by the residents at the developments. The rehabilitation is scheduled to begin this spring and is anticipated to be completed between 2024 and 2025. The two-year engagement process for residents of these developments entailed a range of communication methods, including dozens of in-person briefings for tenant association leadership and residents, as well as mailed notices, virtual meetings, conference calls, phone banking, flyers, digital and paper surveys, and recorded videos, among others.
With this latest closing, the PACT program has now generated over $3.4 billion in capital funding for nearly 15,500 apartments to facilitate comprehensive renovations, in addition to enhanced property management and social services, across New York City.
“This administration is living up to our Get Stuff Done motto for NYCHA residents,” said Chief Housing Officer Jessica Katz. “This pioneering partnership is bringing in the resources to make long-overdue improvements at Harlem River Houses, and we will always continue looking for innovative ways to deliver results for NYCHA residents. Thank you to NYCHA, HDC, and our PACT partners for their hard work to make New Yorkers’ lives better."
“These NYCHA campuses have a storied history, with generations of residents who have made New York City their home,” said NYCHA Chair & CEO Greg Russ. “Today’s announcement will help ensure that the future of these properties is as bright and dynamic as the legacy of its past – by marshalling significant capital investment and community resources for our residents."