A consortium of developers have secured a $600-million loan to renovate more than 1,600 units in the New York City Housing Authority's portfolio.
A group of developers will be refurbishing 29 buildings owned by the New York City Housing Authority (NYCHA) using a $600-million loan from the NYCHA and JP Morgan Chase, reports Sebastian Morris. Facilitated by NYCHA’s Permanent Affordability Commitment Together (PACT) initiative, which funds renovations and expanded support services, the project includes improvements such as remodeled kitchens and bathrooms, new energy-efficient appliances, and enhanced common areas. "Repairs to the façades and building envelopes include a full replacement of existing windows and roofing systems, improved entrances, and new signage."
The developers will partner with other organizations and the city to provide improved social services such as workforce training and literacy education and maintain affordability into the future.
Aaron Koffman, managing principal of The Hudson Companies, emphasizes that the developers have "engaged in frequent and productive conversations with the residents and their leadership associations and are thrilled to be providing residents of the Boulevard Houses, Fiorentino Plaza, and Belmont-Sutter Area with fully renovated apartments with critical upgrades to their buildings." The project is part of NYCHA's broader initiative to renovate its aging buildings, reduce energy consumption, and make much-needed repairs.
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