As
one of Brooklyn’s premier Community Development Corporation, PACC has a
impressive track-record of affordable housing.
PACC’s approach to real
estate development combines community revitalization with the preservation
of affordable housing. PACC is active in the Brooklyn neighborhoods of Fort
Greene, Bedford-Stuyvesant, Clinton Hill, Prospect Heights, and Downtown
Brooklyn, where we have restored dilapidated blocks while also ensuring
affordability for working families and moderate-income residents. Since
1988, PACC has developed more than 600 units of housing in more than 65
buildings, including multifamily apartment buildings and two- to four-family
homes, 17 retail stores, and community facility space.
PACC has leveraged over $100 million in private and public financing,
utilizing a range of government programs and financial instruments such as
bonds and low income housing tax credits. In the next few years, PACC
expects to double its production output through continuing its efforts in
affordable homeownership initiatives, low- and moderate-income rentals,
Project-based Section 8 properties, and mixed-use large scale development.
PACC Housing Development has various projects in development, both in
construction or in late stages of pre-development. Some current project are:
1) Gut renovation of a 11 homes in Clinton Hill and Bed-Stuy as part of
NYC’s program to restore defaulted 203(k) properties. 2) Gut renovation of
a 5 building, 46-unit rental project in Bed-Stuy for low- and
moderate-income families—through HPD’s Third Party Transfer program; 3) New
construction of a 16-unit mixed-income condominium in Clinton Hill; 4) Gut
renovation of tenant-owned cooperative—through HPD’s Third Party Transfer
program; 5) Preservation of a failed Project-based Section 8 property with
102 low-income units through assuming ownership, refinancing, and moderate
renovation.
PACC
has participated in HPD’s Affordable Housing Production Program,
Neighborhood Redevelopment Program, Supportive Housing Loan Program,
Homeworks, Third Party Transfer, Neighborhood Homes and 203K Programs and
utilized their Participation and Small Home Private Loan programs. Our
lender partners include Community Preservation Corporation, Local Initiative
Support Corporation, Enterprise, M & T Bank, JP Morgan Chase, Citibank,
Wachovia, Bank of America, and NYC HDC. We have accessed grants from
numerous sources including NYC Landmarks Conservancy, NYSERDA, NYS
Weatherization, NYC Landmark Preservation Commission, Independence Community
Foundation, NYS Community Capital Assistant Program, NYS Housing Tax
Credits, and the FHLB of New York’s Affordable Housing Program to augment
loans and enrich our projects.
PACC
success rests on its ability to assemble multiple financing and funding
sources. PACC versatility allows it to develop and manage many types of
projects including rentals, co-ops, condos, 1-4 family homes, and supportive
housing.
Staff Contacts