Today: April 20, 2024
Today: April 20, 2024

Goldman, New York mayor make $50 million pledge on affordable housing

Share This
LA Post: Goldman, New York mayor make $50 million pledge on affordable housing
March 04, 2024

NEW YORK (Reuters) - Goldman Sachs 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 facilitating credit for minority-owned housing developers, the bank said.

The pledge could unlock $500 million in private construction lending, the bank said.

There is a shortage of affordable housing in New York, the largest U.S. city with nearly 8.5 million residents and ranking among the nation's costliest rental and real estate markets.

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 10 years to partner with organizations led by Black women.

(Reporting by Saeed Azhar, Editing by Lananh Nguyen and Ros Russell)


Live video of man who set himself on fire outside court proves challenging for news organizations

A man who set himself on fire outside the Manhattan courtroom where Donald Trump was on trial tested news organizations on how quickly they could respond to an incident and what to show viewers

Mandisa, Grammy-winning singer and 'American Idol' alum, dies at 47

Contemporary Christian singer Mandisa, who appeared on “American Idol” and won a Grammy for her 2013 album “Overcomer,” has died

Coyotes' move to Salt Lake City elicits opposing responses in 2 cities

NHL Commissioner Gary Bettman sat next to the former Arizona Coyotes owner in a downtown Phoenix hotel meeting room, trying to put a positive spin on the funeral for a franchise

Taylor Swift drops 15 new songs on double album, 'The Tortured Poets Department: The Anthology'

Could there be a Taylor Swift new album rollout without a few additional surprises


Panama Papers trial's public portion comes to an unexpectedly speedy end

US Senate has agreement on FISA reauthorization, will vote on Friday night, Schumer says

USC cancels graduation keynote by filmmaker amid controversy over decision to drop student's speech

US says a UN agency has agreed to help in distribution of aid to Gaza via sea route

- Advertisement -
Advertisement: Limited Time Offer