Pratt Area Community Council has secured a financing deal that is enabling the organization to preserve affordable housing units for hundreds of tenants in Central Brooklyn, maintaining some of the borough’s affordable housing stock.
Most recently, the organization has announced 56 buildings in Bedford-Stuyvesant that will be renovated and remain affordable to the existing tenants for another 30 years.
PACC, through a financing/bond deal with L & M Development will combine its portfolio of older properties with that of ABCCD, impacting nearly 492 units. The bond deal is supported by NYC Housing Development Corporation (HDC), NYC Housing Preservation and Development (HPD) along with Low-Income Housing Tax Credits (LITC) syndicated by the National Equity Fund (NEF). At $73M, this is PACC’s largest project ever.
Through the financing deal, PACC can breath new life into older properties by renovating kitchens and baths, replacing roofs, updating facades and boilers while maintaining affordability for a large number of Bedford-Stuyvesant residents.
For more information, contact PACC at 718-522-2613.