A group of private developers will repair more than 1,700 public housing units in New York after securing a $271 million loan, according to a report in Real Estate Weekly. The New York City Housing Authority struck the deal with PACT Renaissance Collaborative, a joint venture between Monadnock Development, Community Preservation Corporation, Community Development Trust, Kalel Holdings, Lemor Development Group, and Community League of the Heights (CLOTH), according to the report. As part of the deal, NYCHA will lease 16 of its properties to the joint venture, which will be responsible for fixing and operating the units. NYCHA will maintain ownership of the properties and administer rent subsidies through the Section 8 voucher program, and will also “monitor conditions at the developments, preserve resident protections and guarantee permanent affordability,” according to the report.
Fannie Mae Helps Finance $289 Million Rental Assistance Demonstration Transaction with New York City Housing Development Corporation
Financing Will Fund Repairs and Renovations for 16 Properties with 1,718 Apartment Units
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WASHINGTON, Dec. 10, 2020 /PRNewswire/ Fannie Mae (OTCQB: FNMA) announced today it financed a $289 million Rental Assistance Demonstration transaction with its Delegated Underwriting and Servicing (DUS
®) lender partner Wells Fargo and the New York City Housing Development Corporation. The 30-year financing, put together in cooperation with New York City Housing Authority, will enable the upgrade and renovation of 1,718 tenant-occupied public housing units in Manhattan, which will be converted to multifamily residential facilities receiving housing assistance payments, as part of Fannie Mae s ongoing effort to preserve and improve affordable rental housing for low-income families.