No. 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 to guarantee permanent affordability, deliver high-quality property management, and maintain public housing tenant rights and protections.
Yes, all rents will remain permanently affordable at 30% of household adjusted gross income.
During the renovation process, current residents will be able to remain in place, in their apartments, with appropriate accommodations for disabled residents and others that require special assistance. In the event that some rehabilitation work is not possible with residents in place due to safety or health concerns, PRC will be responsible for all relocation efforts, and residents will have the right to return to their apartments after work is completed.
Residents’ rights and public housing protections will be maintained.
PRC understands that each development is unique and may have other specific needs. We will work with the residents and NYCHA staff to identify those needs as part of an ongoing collaborative process.
After the financial closing, a third-party organization will manage the properties in NYCHA’s Manhattan Portfolio instead of NYCHA. PRC’s property manager is Cornell Pace Inc, which 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.