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.