From the Commercial Observer:
Up to $3.1 billion in capital financing for improvements will be coming to New York City Housing Authority complexes across the city from private sector joint ventures, the agency announced.
The largest of the recent deals, financed through NYCHA’s Permanent Affordability Commitment Together (PACT) program, will bring $600 million to renovate the more than 1,600-unit Boulevard Houses, Fiorentino Plaza and Belmont-Sutter complexes in East New York, Brooklyn through Boulevard Together Developer, the joint venture between The Hudson Companies, Property Resources Corporation and Duvernay + Brooks.
The 29 buildings will see infrastructure and capital improvements that include community laundry room, renovated landscaping, better waste management, new units with disability access, window replacements, kitchen appliances and upgrades to the exterior of buildings.
“This is about the residents first and foremost,” Aaron Koffman, managing principal at Hudson, said in a statement. “This transformational project will also provide local workforce and educational opportunities while maintaining resident protections and permanent affordability for generations to come.”
Read the Commercial Observer's article "NYCHA Residents to See $3.1B in Housing Upgrades Through Private Partnerships."