About Us

The PACT Renaissance Collaborative (PRC) is comprised of The Community Preservation Corporation (CPC), the Community Development Trust (CDT), Monadnock Development, Kalel Holdings, Lemor Development Group, Community League of the Heights (CLOTH) and Cornell Pace Inc. (CPI). We are a team with decades of experience in the financing, rehabilitation and management of affordable housing, who understand the importance of both consistency during a transition process, and of building meaningful partnerships with tenants and staff. The investors in the project – led by CPC and CDT and including Monadnock, Lemor, and Kalel – share a long-term perspective and a deep commitment to the mission of creating and preserving quality, affordable housing for all New Yorkers.

PRC was selected by the New York City Housing Authority (NYCHA), via a competitive request for proposals, as the development team that will finance, rehabilitate, and manage the Manhattan portfolio of 16 properties. PRC will also coordinate enhanced social services delivery to residents of the properties. The project is part of NYCHA’s Permanent Affordability Commitment Together (PACT) program, which aims to stabilize and revitalize the city’s irreplaceable public housing stock.
 

The PACT Renaissance Collaborative (PRC)

Best in class partnership of affordable housing professionals

• CPC is a community development financial institution (CDFI) established in 1974 and has invested nearly $11 billion in multifamily housing projects.
• CDT, a mission-driven CDFI that has invested over $1.7 billion over the last 20 years, will provide the majority of the equity for this project.
• Monadnock Development, is an industry leader in developing mixed-income and mixed-use housing that improves neighborhoods with high-quality apartments, services, and sustainable design.
• Kalel, a certified Minority-Owned Business Enterprise, specializes in the development and preservation of affordable multifamily housing. A local real estate owner and developer.
• Lemor brings extensive experience in the construction and preservation of affordable and workforce housing. As development partners they have the expertise, capacity and local knowledge to make the PRC vision into a reality for NYCHA’s residents.
• CLOTH, a trusted non-profit and member of the Upper Manhattan community, will ensure the social services that are provided reflect residents’ needs and work with the currently in-place service providers to ensure all offerings are as robust as possible.
• Monadnock Construction, a local company with extensive work on affordable housing projects and more than 40 years of experience in general contracting, construction management, and development, will serve as the general contractor.
• Cornell Pace Inc, PRC’s property manager, specializes in the property management of affordable housing in New York and has extensive experience in the management of public housing and Project Based Section 8 property.

About the New York City Housing Authority (NYCHA) Permanent Affordability Commitment Together (PACT) and U.S. Department of Housing and Urban Development (HUD) Rental Assistance Demonstration (RAD) Programs:

Launched in 2017, NYCHA’s PACT program allows the city to completely renovate developments using HUD Section 8 conversion programs, including the HUD Rental Assistance Demonstration program (RAD), all of which ensure long-term affordable housing.

RAD is a HUD tool to preserve public housing and address capital needs (also called deferred maintenance). Under RAD, public housing authorities like NYCHA convert the funding source that supports a development from the public housing subsidy (Section 9) to the Section 8 voucher program. This conversion puts the development on a more solid financial footing because Congress typically funds Section 8 at a higher percentage of need than Section 9. Furthermore, switching to Section 8 allows NYCHA to finance major critical repairs with non-governmental funds. Learn more about the federal RAD program here.

The NYCHA Manhattan Portfolio Under PACT-RAD

In New York City, RAD is a collaboration between NYCHA, NYCHA residents, development partners, and community and housing advocates.

Under PACT, the apartments on these 16 properties will shift to project-based Section 8 funding, and the buildings will be managed by the PACT Renaissance Collaborative (PRC).

The land and buildings will be leased to PRC on a long-term basis, but NYCHA will retain ownership and will ensure that the partners adhere to standards outlined by the Guiding Principles created by the NYC RAD Roundtable. These standards guarantee permanent affordability, deliver high-quality property management, and maintain equivalent tenant rights and protections for all residents.

PACT-RAD Will:

• Help NYCHA secure millions of dollars for renovations
• Ensure permanent affordability for residents
• Maintain residents’ rights and public housing protections

PACT-RAD Will Not:

• Sell NYCHA land
• Displace NYCHA residents
• Raise rents above current 30% household income

Learn more about PACT-RAD in New York City here