Q&A
Agreements between NYCHA and PACT developers for rent arrears collection
1:02:00
·
137 sec
Council Member Chris Banks inquires about agreements between NYCHA and PACT developers for rent arrears collection, including specific developments and amounts collected. NYCHA officials provide clarification on the process.
- After conversion to PACT, the PACT partners and property managers are fully responsible for collecting rent from residents.
- There are agreements where developers may pay NYCHA for some of the existing arrears during the RAD/PACT conversion process.
- The terms of these agreements are included in the conversion deal documents.
- NYCHA officials agree to follow up with specific information on:
- Which developments have such agreements
- The percentage split of collected arrears
- The total amount collected to date under these agreements
Chris Banks
1:02:00
I know earlier when we were talking about a collection of of of of Reyes's rights.
1:02:08
And particularly when it comes to the packs, We know that the as I stated earlier, that the management companies or the developers do have the ability to forgive for it or to do do some type of amnesty.
1:02:23
Can you give us some numbers And we also do know that there's been agreements with Nitra and some of the developers to with some of the packs to collect.
1:02:35
Right?
1:02:36
And I believe a percentage goes to Nitra and a percentage goes back to the to the pack.
1:02:43
What do you have numbers for the developments where this has been done?
1:02:48
And what has been the, I would say, the use the word profit Oh, what what has been collected thus far from some of the pack developments?
Gillian Connell
1:02:57
Yeah.
1:02:57
So just just to be clear, after conversion, the pack partners and and the property manager are fully responsible for collecting rent from residents.
Chris Banks
1:03:05
Now I'm aware of that.
1:03:07
My question is, I was told that one of the hearings before that agreements have been made with some of the PAC developments in Nigeria when they're collecting someone already has or existing already has to actually get a percentage of what is collected.
1:03:24
So I'm asking you what developments have those particular agreements and what is the percentage that has been collected from those developments?
Annika Lescott-Martinez
1:03:36
We can get back to council member with the specifics.
1:03:38
I believe the program that you're referring to is when the Rad Pak when the development converts through Rad Pak, the developer may pay NICE, for some of the arrears.
1:03:48
So if their arrears bounces, like, a $100, they might pay NICA $80,000,000.
1:03:53
I'm just throwing out a number.
1:03:54
These are
Hannah Roth
1:03:55
not Is
Chris Banks
1:03:55
that an agreement or is that Yeah.
1:03:57
Dead discretion?
Annika Lescott-Martinez
1:03:58
It would be in the agreement and the terms of the action deal.
1:04:01
So I I believe is this what you're asking about?
Chris Banks
1:04:04
Cool.
1:04:04
Correct.
1:04:04
Yes.
1:04:05
But I'm asking, what can you give us those developments?
1:04:08
Give us the numbers for those developments.
1:04:09
Where those agreements exist?
1:04:11
Yes.
1:04:11
And to date, how much has been collected?
Annika Lescott-Martinez
1:04:14
We can we can follow-up with you on the specifics.
1:04:17
Okay.
