Nycha Strikes Deal With Private Developers To News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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. ....

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