NYCHA Closes $349M PACT Financing for Bronx Multifamily Renovation at Moore Houses and East 152nd Street-Courtlandt Avenue

BRONX, N.Y. — The NYC Housing Development Corporation closed on $349 million in financing on May 8 for a Permanent Affordability Commitment Together project that will fund comprehensive renovations across four residential buildings at Moore Houses and East 152nd Street-Courtlandt Avenue in the Melrose section of the Bronx, the authority announced. The deal, structured with PACT partners Mega Group Development and Brisa Builders, will serve more than 1,200 residents and represents a milestone in NYCHA's ongoing effort to recapitalize its public housing portfolio through the PACT program.

Deal Structure and Financing

The $349 million financing closes under the federal Rental Assistance Demonstration program, which converts the four buildings from traditional Section 9 public housing assistance to Project-Based Section 8. That conversion is central to the PACT model: it unlocks private and public capital for rehabilitation while preserving affordability and resident rights. The transaction brings NYCHA's cumulative PACT program total to $10.3 billion unlocked citywide for campus and building improvements, according to the authority.

The financing for East 152nd Street-Courtlandt Avenue includes $15 million from New York State's Climate Friendly Homes Fund, administered through New York State Homes and Community Renewal and The Community Preservation Corporation. Moore Houses will receive separate funding from the Federal Emergency Management Agency to address flood protection needs stemming from damage caused by Hurricane Ida in September 2021. Both developments, listed on the National Register of Historic Places, will also receive historic tax credits to support their transformation. The New York City Housing Development Corporation is also a financing partner on the project.

Construction is expected to take approximately three years. The PACT partner team was selected in coordination with resident leadership and has worked with residents and NYCHA over multiple years of community meetings to finalize renovation plans. A Community Plan document developed through that collaboration will be distributed to every household at the start of construction.

Full Electrification — A PACT First

The project marks the first time a NYCHA PACT initiative has electrified more than one building, according to the authority. All four buildings will be fully electrified for heat, cooling, cooking, and hot water service.

Planned building-system upgrades include replacing energy-inefficient gas boilers with an all-electric system, installing Packaged Terminal Heat Pumps in individual apartments to give residents control over temperature, and sourcing domestic hot water from electric air-to-water heat pumps located on rooftops. New electric closets and panels will be installed in corridors, and apartments will receive new outlets to support electric appliances. The electrification scope will also convert former mechanical space in two of the four buildings into new indoor amenity areas for residents.

Additional building improvements include full window replacements, exterior upgrades, interior insulation, and free Wi-Fi for all households. Apartment renovations will include full bathroom and kitchen upgrades with new appliances, finishes, cabinets, countertops, lighting, flooring, fresh paint, and washing machine connections.

Flood protection measures — including elevated mechanical systems, stormwater retention tanks, active drainage, and flood doors — will be installed at Moore Houses in response to the Hurricane Ida flooding that disrupted heat and hot water service. Site drainage will be enhanced at both developments to reduce flood intensity from future storm events.

Quality of Life Improvements and Resident Services

Outdoor areas at both sites will be upgraded with accessibility improvements, enhanced community gardens, new fitness and playground equipment, picnic tables, benches, improved paths, plantings, lighting, and trash bins. The recently renovated playground and basketball court at Moore Houses will receive new bleachers and game tables.

Following the financial closing, Cornell Pace Inc. will assume day-to-day property management responsibilities, including maintenance and repair response, common-area cleaning, trash collection, and extermination services. Cornell Pace will also implement enhanced security measures, including CCTV cameras, intercom and alarm systems, and key fob building access.

BronxWorks will deliver on-site social services for residents, including case management, rental arrears and housing stability assistance, benefits enrollment, crisis intervention, senior programming, youth and family activities, health and wellness workshops, mental health referrals, nutrition education, food access support, and employment and financial resources.

"Through the PACT modernization of these two developments, we'll be making critical quality of life improvements to residents' homes and buildings, as well as common areas and outdoor spaces," said NYCHA Chief Executive Officer Lisa Bova-Hiatt. "This will also be the first time that a NYCHA project has electrified more than one building, as we bring heating, cooling, cooking, and hot water services online in all four buildings, allowing for a greener, more efficient future and reliable utilities while also activating new indoor amenity spaces for resident use."

"This $349 million closing represents top-to-bottom building and home improvements for the residents of Moore Houses and East 152nd Street-Courtlandt Avenue, shaped by their input and managed by a team they helped select," said Deputy Mayor for Housing and Planning Leila Bozorg.

"This financial closing brings the PACT program to a total of $10.3 billion unlocked citywide for improvements to NYCHA campuses, buildings, homes, and most importantly, for the communities that call them home," said NYCHA Executive Vice President and Chief Real Estate Officer Jonathan Gouveia.

Moore Houses Tenant Association President Rosa Pinero said residents are "excited and eagerly anticipating the upcoming repairs," adding that the investment will make the development "safer, cleaner, and more pleasurable" for tenants.

About the PACT Partners

Brisa Builders Development LLC, founded by Ericka Keller, is a minority- and women-owned firm and the second generation of a family with a history of developing and constructing mixed-use, multifamily housing in New York City. The firm is known for partnering with faith-based organizations to develop deeply affordable housing, with prior projects including Ebenezer Plaza in Brownsville, Bishop Philius and Helene Nicolas Senior Residences in East Flatbush, and DLAC Senior Residences in Far Rockaway, collectively bringing more than 2,100 units of affordable housing to the region.

Mega Group Development is a full-service development, construction management, and general contracting firm with more than 35 years of experience across New York City and the greater metropolitan region. The firm has built or renovated more than 11,600 apartment homes, with work spanning NYCHA renovations, high-rise apartment buildings, commercial buildings, landmark rehabilitation projects, schools, and public infrastructure.

Cornell Pace Inc. is a property management firm with more than 30 years of experience operating affordable housing in New York City, with just over 5,000 units under management in the city and surrounding counties.

NYCHA said it is working to include 62,000 apartments in the PACT program overall, with the goal of bringing comprehensive investment and enhanced property management and social services to more than 142,000 residents. As of this closing, 170 NYCHA developments — representing more than 45,000 apartments — are in pre-development, under construction, or have completed construction through the program, representing nearly $17 billion in capital repairs for the authority.

Sources: Brisa Builders Development LLC press release, June 4, 2026