PACC Resyndication

Brooklyn, N.Y.

IMPACCT Brooklyn and L M Development Partners preserved 56 scattered-site buildings in some of Brooklyn's rapidly changing neighborhoods. The PACC Resyndication included this building on Greene Avenue.

The project consolidated a portfolio of separate building clusters, several of which were existing low-income housing tax credit (LIHTC) developments at or past year 15. This allowed the developers to maximize the LIHTC investment and preserve more low-income units than if the clusters were evaluated individually.

All the buildings in the portfolio were constructed between 1899 and 1931, with conditions varying from poor to average. Renovations, which are ongoing and anticipated to wrap up by the end of the year, include updated kitchens and bathrooms as well as window, boiler, and roof replacement.

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