NYCHA closes $757M financing to renovate Canarsie’s Bay View Houses

CANARSIE — THE NYC HOUSING AUTHORITY has closed on $757 million in financing to advance a major Permanent Affordability Commitment Together renovation at Bay View Houses, allowing comprehensive repairs for more than 3,100 residents in 1,610 units across 23 NYCHA buildings, according to a release from the city. The Bay View project also includes NYCHA’s largest heating electrification conversion to date, part of the agency’s Clean Heat for All initiative.

The PACT program transitions developments from traditional Section 9 assistance to Project-Based Section 8 and unlocks funding for repairs and management. The program also preserves tenant rights and long-term affordability, the city said.

Wavecrest Management will oversee day-to-day operations, with social services provided by IMPACCT Brooklyn. Construction is expected to run through summer 2029, bringing total PACT conversions citywide to more than 31,000 apartments.

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