FOR IMMEDIATE RELEASE: December 23, 2025
CONTACT: media@nycha.nyc.gov | (212) 306-3322

Bay View Houses PACT Renovation Moves Forward as NYCHA and Partners Close on $757 Million in Financing, Which Includes NYCHA’s Largest Heating Electrification Project to Date

This financial closing is a key milestone in the renovation of over 1,600 apartments for more than 3,100 Brooklyn residents  

The development will receive comprehensive renovations to improve the quality of life for residents, including upgrades to apartments, community spaces, and building infrastructure
 

 

NEW YORK – On Tuesday, December 23, the New York City Housing Authority (NYCHA) closed on the financing for a $757 million Permanent Affordability Commitment Together (PACT) project that will bring comprehensive renovations for over 3,100 residents living in 23 residential buildings at Bay View Houses in Canarsie, Brooklyn. The building has now converted to Project-Based Section 8 through the federal Rental Assistance Demonstration (RAD) program, unlocking funding that will allow the PACT partner team – MDG Design + Construction, Infinite Horizons, and Wavecrest Management – to address the capital needs of the development and begin fully rehabilitating 1,610 apartments, as well as community and outdoor spaces and building infrastructure, to improve residents' quality of life. The PACT program also maintains residents' rights and preserves affordable rents for all households. Building on NYCHA’s Clean Heat for All program, Bay View Houses will receive the largest heating electrification conversion at a NYCHA development to date. Not only does this closing bring the total number of PACT apartments to over 31,000, it also makes 2025 a record year for total units converted and capital financing secured.

Following the financial closing, Wavecrest Management will handle the day-to-day property management responsibilities at the development. Social services will be provided through IMPACCT Brooklyn. Additional details on the planned investments and improvements are outlined in the Community Plan documents, which were developed through a collaboration between the partner team, residents, and NYCHA. A copy of the Community Plan will be distributed to every household at the start of construction.

"This investment is a monumental step forward for the thousands of New Yorkers who call Bay View Houses home, " said NYCHA Chief Executive Officer Lisa Bova-Hiatt. "This project is particularly significant because it features our largest heating electrification project to date, demonstrating the PACT program's ability to incorporate sustainable solutions into its infrastructure modernization. We look forward to working alongside our PACT partners and resident leaders to bring this community’s vision for a revitalized Bay View to life."

"Congratulations to our residents and PACT partners for this milestone PACT closing! Today we take a next step in delivering repairs for over 3,000 NYCHA residents at Bay View, but we also reach a significant milestone for the PACT program," said Chief Real Estate Officer and Executive Vice President Jonathan Gouveia. "Through the PACT program, NYCHA has now converted over 31,000 homes to stable funding and has provided nearly $10 billion in capital repairs across the city. The program continues to show how NYCHA can deliver on our mission through partnership with our residents and development partners." 

“Due to all of the diligent work by the development team and PACT partners, Bay View will be a viable community once again,” said Bay View Houses Tenant Association President Sheryl Boyce.

“The residents of NYCHA’s Bay View Houses will soon benefit from a wide range of capital improvements to their homes and buildings, while simultaneously advancing the City’s climate goals through the electrification of Bay View’s heating system,” said New York City Housing Development Corporation President Eric Enderlin. “Thanks to all of our partners for their work in advancing this important project and the larger efforts underway to preserve New York City's public housing stock through PACT.”

“Bay View Houses residents are experts on the daily realities of Bay View Houses, its current challenges, and their aspirations for the future of the campus. As such, their knowledge, lived experience, and priorities have been central to shaping the PACT transformation plan,” said MDG Design & Construction Chief Executive Officer and RDC Development Principal Matthew Rooney. “Our team has been privileged to partner with strong resident leadership and the broader resident community to listen, learn, and co-create this plan together. We look forward to continuing our collaboration with residents, NYCHA, and our fellow PACT partner team members, Wavecrest Management and Infinite Horizons, to bring a shared vision for the future of Bay View Houses to life."

“At Wavecrest Management, we have always understood that affordable housing is about so much more than cosmetic repairs to physical spaces,” said Wavecrest Management Chief Financial Officer and RDC Development Principal Susan Camerata. “We are committed to uplifting the residents of Bay View Houses and the greater Canarsie neighborhood — both socially and economically — working hand in hand with community members to serve their shared needs.”

“The PACT program demonstrates the power of collaboration and innovation in addressing the complex challenges facing the affordable housing industry,” said Infinite Horizons Co-Founder and Chief Operations Officer Roland E. Powell, Jr. “We value the strong partnership with NYCHA, MDG Design & Construction, and Wavecrest Management. Together, we share a commitment to excellence that gives us great confidence in the successful transformation of Bay View Houses into a community of beautiful, high-quality, resilient homes for residents.”

Selected in coordination with resident leadership, the PACT partner team has worked closely with residents and NYCHA to design every aspect of the development's renovation since 2024. After nearly two years of development-wide meetings, plans for the large-scale renovations have been finalized, and the team has closed on the necessary financing to begin construction, which is expected to conclude by summer 2029.

Bay View Houses will undergo NYCHA's largest heating electrification project, utilizing the cold climate packaged window heat pump units developed under the Clean Heat for All Challenge, a partnership between the New York Power Authority (NYPA) and New York State Energy Research and Development Authority (NYSERDA). The renovations will also include upgraded electrical systems; new plumbing, flooring, and windows; painted doors with new hardware; modernized kitchens and bathrooms; security and accessibility upgrades; elevator and waste infrastructure improvements; renovated outdoor spaces and amenities; and upgrades to the existing community center as well as a new resident amenity center.

MDG Design + Construction LLC specializes in the rehabilitation and new construction of residential apartment buildings in New York City and Long Island, with a focus on affordable housing. Since its formation in 1988, MDG and its affiliates have been involved in the renovation and/or new construction of over one thousand properties with more than 23,500 units at a total development cost of over $3.6 billion.

Infinite Horizons is a minority-owned real estate firm based in New York that develops, constructs, and manages affordable housing. The firm specializes in moderate and substantial rehabilitation along with new construction of residential mixed-use buildings. Infinite Horizons’ mission is to transform vacant land and underutilized or distressed properties back into community assets while increasing and preserving the affordable housing stock.

Wavecrest Management is a family-owned and operated management company — specializing in affordable housing — overseeing over 30,000 units in residential buildings of all sizes across New York City and Nassau and Westchester counties. With over 40 years of industry experience, Wavecrest Management is committed to preserving both the financial and physical viability of residential housing, and also ensuring residents have direct access to programs and services that increase community engagement and quality of life.

The PACT program transitions developments from traditional Section 9 assistance to Project-Based Section 8 and unlocks funding for resident-selected PACT partners to complete comprehensive repairs and to oversee daily property management of the campus. Overall, 146 NYCHA developments (representing over 39,000 apartments) are in pre-development, are under construction, or have completed construction through the program. This represents over $13 billion in capital repairs for the Authority. The Authority is working to include 62,000 apartments in the PACT program in order to bring the benefits of comprehensive apartment repairs and building upgrades, as well as enhanced property management and social services, to more than 142,000 residents.