NYCHA has designated RAD/PACT development partners for a set of campuses that includes this one:

CHELSEA: https://nycharealtalk.org/lots/1007230015/ 

CHELSEA ADDITION: https://nycharealtalk.org/lots/1007240010/ 

ELLIOTT: https://nycharealtalk.org/lots/5483/ 

FULTON: https://nycharealtalk.org/lots/5511/ 

NYCHA’s PACT Projects Tracker (October 2024) lists this campus as in the “Planning & Engagement Phase.” 

https://www.nyc.gov/assets/nycha/downloads/pdf/PACT_Dataset.pdf

This campus is listed under “Developments Under Consideration by HUD for Future Section 8 Conversions” in NYCHA’s draft FY25 Annual Plan: https://www.nyc.gov/assets/nycha/downloads/pdf/FY_2025_Draft_Annual_Plan_English_REVISED.pdf

According to HUD's RAD data, https://www.radresource.net/pha_data2020v2.cfm,

as of October 2024, the “Commitment to enter into a Housing Assistance Payment” (CHAP) for this RAD conversion has been Awarded.

Here is a website the developers created: https://www.fultonelliottchelsea.com/home 

This campus was also included in an earlier conversion: 

A major contribution to NYCHA’s budget shortfall over the decades was the fact that the federal government did not provide any operating support for buildings that were built with State and City funds early in the development of NYC’s public housing programs. The State supported them until 1998 and the City until 2003.

Since then, NYCHA had been operating these buildings with only the rents collected and by skimming from the budget for the whole program.

In 2008, NYCHA first converted some of these buildings to Section 8 without changing the ownership or management structure. This campus was included in that conversion. This was the first time since they were built that these buildings had any federal funding. The funding is on-going.

In 2010, NYCHA used an opportunity to get federal recovery bond money to arrange a deal that allowed Citigroup to become part owner, along with NYCHA, of these buildings and the rest of the City and State financed ones. This arrangement gave access to bonds and tax credit financing that NYCHA could not get by itself. It got a big chunk of money up front to be used for building upgrades and repairs.

• NYCHA continued to own the land and

• leased it a company shared by it and Citigroup.

• NYCHA continued to manage the buildings.

All the buildings it converted to Section 8 in 2008 were included in this deal, including this one.