Bronx PACT Modernization Project: Securing $275M in Financing

Bronx PACT Modernization Project: Securing $275M in Financing

The New York City Housing Authority (NYCHA) has successfully secured $275 million in financing for the Sack Wern Houses, a PACT project located in the Bronx. This funding will enable comprehensive renovations to be carried out for 800 residents across seven buildings, converting them to Project-Based Section 8 housing.

The PACT partners – Douglaston Development, Asland Capital Partners, and Breaking Ground – will oversee the rehabilitation of over 400 apartments and communal spaces while ensuring that affordable rents and resident rights are preserved. Clinton Management will manage the property with support from BronxWorks who will provide social services. The renovation plans include installing new fixtures, implementing sustainable heating systems, repairing building facades, and upgrading common areas. Construction is expected to take three years.

Deputy Mayor for Housing,Economic Development,and Workforce Maria Torres-Springer expressed her appreciation towards NYCHA residents who have actively participated in shaping their community’s future. She also looks forward to seeing this investment positively impact over 400 households at Sack Wern Houses.

This significant milestone marks a major step towards improving living conditions for hundreds of NYCHA residents in the Bronx through modernization efforts at Sack Wern Houses without mentioning any specific organizations or platforms.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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