Private Management Deals Raised $1.6 Billion for NYCHA Repairs This Year, Officials Say

"In 2025, NYCHA closed on the financing for repairs at 16 developments through the Permanent Affordability Commitment Together (PACT) program, which leases public housing developments to private management companies, officials said in a year-end update Tuesday. The deals will fund over $1.6 billion in renovations for approximately 7,300 residents at those campuses, according to NYCHA, which says PACT has raised a total of $8.6 billion in repairs already completed or in construction since the city launched the initiative almost a decade ago."

"Overall, NYCHA is converting more than 39,000 apartments to PACT-with plans to add another 20,000 in the years ahead. Under the arrangement, private developers collect Section 8 funds for the units they now manage, and undertake major renovation projects through financing the housing authority can't access on its own. It's one of two programs NYCHA has turned to in recent years to help maintain its aging buildings after decades of federal government disinvestment in Section 9, which funds traditional public housing."

NYCHA closed financing in 2025 for repairs at 16 developments through the PACT program, enabling private management companies to lease formerly public housing and secure renovation funds. Those deals will fund over $1.6 billion in renovations for about 7,300 residents, and PACT has mobilized $8.6 billion for repairs completed or under construction since launch. NYCHA is converting more than 39,000 apartments to PACT with plans to add 20,000 more. Under PACT, private developers collect Section 8 subsidies and use financing inaccessible to NYCHA. The program and a newer Preservation Trust aim to address a multibillion-dollar repair backlog amid federal disinvestment.

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