(Automated translation by Reuters, please see disclaimer
Goldman Sachs GS.N and the New York City Mayor’s Office on Monday announced a $50 million initiative to support minority-owned affordable housing developers.
The initiative, which is also backed by the Community Preservation Corp, aims to support affordable housing in New York City by making credit easier for minority-owned real estate developers, the bank said.
The commitment could unlock $500 million in private construction loans, according to the bank.
There is a shortage of affordable housing in New York, the largest city in the United States with nearly 8.5 million residents and one of the most expensive rental and housing markets in the country.
Goldman’s commitment is part of an initiative to deploy $10 billion in direct investment capital and $100 million in philanthropic capital over the next ten years to partner with Black women-led organizations .
2024-03-04 17:30:06
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