NYCHA and BFC Partners have successfully secured $332.3 million in funding for their PACT project located in West Brighton, Staten Island. This significant investment brings the total amount of funds invested in the borough to over $1 billion. The collaboration between NYCHA and BFC Partners, along with CB Emmanuel, Catholic Homes, and Pinnacle City Living will result in the conversion of 16 buildings into Project-Based Section 8 through the RAD program. This initiative aims to provide comprehensive renovations for more than 1,300 residents.
The financing includes contributions from various sources such as Freddie Mac, New York City Housing Development Corporation (NYCHDC), Wells Fargo Bank N.A., historic tax credits, city subsidies as well as sponsor equity. The project will involve rehabilitating a total of 574 apartments while also reactivating an additional 24 units and establishing a new senior center within the community. Renovations will encompass facade restorations along with roof repairs while also implementing improved security systems and ventilation throughout each unit’s renovated bathrooms and kitchens.
Furthermore,the development grounds are set to undergo extensive upgrades including new landscaping features coupled with enhanced lighting fixtures alongside play equipment installations that offer seating areas connected by walkways leading towards community gardens which include amenities like dog runs all situated near a screened refuse area.
The team behind this successful partnership has worked closely together with residents during every step of designing these developments which are scheduled to commence soon.
