NYCHA Closes $529 Million PACT Financing to Renovate Harlem's Rangel Houses
NYCHA closed October 15 on $529 million in financing to renovate Rangel Houses in Harlem through the PACT program, the authority announced October 16. The project covers 984 apartments in eight buildings home to more than 1,800 residents, now converted to Project-Based Section 8 through the Rental Assistance Demonstration program. Every apartment gets new kitchens, bathrooms, flooring and intercoms, with building-wide electrical, plumbing and ventilation upgrades, plus fully electric heating and cooling through window heat pumps. The development, built in 1951 and listed this year in the National Register of Historic Places, will use historic rehabilitation tax credits and gain new flood protection and resiliency infrastructure. Construction by partners Genesis Companies and the Community League of the Heights is expected to proceed in phases over about four years, with Twin Pines Management handling day-to-day operations.