Quincy 15 Groundbreaking, January 25, 2007

Housing Development

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.