The Real Deal: NYCHA taps development team to perform $350M renovations, takeover managing properties.
by Kathryn Brenzel
The New York City Housing Authority has tapped another development team to perform more than $350 million in repairs as part of a program that shifts public housing to private management.
On Thursday during an event held by the New York State Association for Affordable Housing, Deputy Mayor Vicki Been announced that NYCHA tapped Arker Companies, Omni Development, Dabar Development Partners and Bedford Stuyvesant Restoration Corp. to renovate 2,625 apartments across nine buildings in Brooklyn. The team will upgrade apartments and common areas at these properties and take over day-to-day management of the properties, Been said. Renovation work will include upgrades to the buildings’ elevators, security and heating systems.
The development team was selected as part of Permanent Affordability Commitment Together (PACT), a program that converts NYCHA buildings to Section 8 housing, which means the property managers receive federal subsidies in exchange for renting out units to low-income tenants. Under PACT, the development team will manage the nine buildings, but NYCHA will continue to own the buildings and land.
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