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AGENCY TESTIMONY
PACT program and Public Housing Preservation Trust
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Lisa Bova-Hiatt provides an update on the PACT program and the New York City Public Housing Preservation Trust, two key initiatives for improving NYCHA properties.
- PACT program has closed on financing for 8 developments, representing $1.7 billion in renovations for nearly 7,600 residents
- Total investment of nearly $7 billion in NYCHA properties through PACT to date
- 46 NYCHA developments (39,000 apartments) in predevelopment or have completed construction through PACT
- Launch of the Public Housing Preservation Trust with resident votes at several developments
- Both initiatives ensure properties remain public and residents maintain their rights and protections
Lisa Bova-Hiatt
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Last year, PACT closed on the financing for eight developments representing $1,700,000,000 in comprehensive renovation for nearly 7,600 residents.
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In October, we announced that the next phase of work is beginning at one especially notable packed project at Fulton And Elliot Chelsea houses following years of community engagement there.
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A total of nearly $7,000,000,000 has been invested in NYCHA properties to date.
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Thanks to the packed program.
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Overall, a 46 NYCHA developments representing nearly 39,000 apartments are in predevelopment, or have completed construction through the program.
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We are on track to bring comprehensive repairs and upgrades along with enhanced property management and social services to a total of more than a 42,000 residents through PACT.
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The New York City Public Housing Preservation Trust will also dramatically improve the quality of life for residents.
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The trust and NYCHA recently released RFPs for major capital renovations and repairs at Bronx River Edition and Nostrand Houses, the first two developments whose residents voted to join the trust.
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Resident votes have also been held or soon will be held at Throgs Neck Edition, Randall Avenue, Balcombe, Highland Houses, Coney Island Houses, and Coney Island 1 Site 1 B.
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Developed in collaboration with residents, both the trust and PACT bring developments the more stable section eight federal funding which is worth nearly double apartments receive.