Production of next-generation Acela Express fleet underway
Stadler unveils TEX Rail Flirt DMU
Siemens invests in remote monitoring specialist Wi-Tronix
DB consortium selected for California high speed rail
Judge puts the skids on state’s proposed rail trail
Amtrak's CEO shares his vision for rail's future
Flight Rail: a new type of train?
America’s short lines play the long game
New York rail operator bolsters security after London bombing
The initiative will finance new development at or within a mile of MARTA’s 38 rapid transit stations or 12 Atlanta Streetcar light rail stops.
The Goldman Sachs Urban Investment Group, part of Goldman Sachs Asset Management, will seek to provide up to $100 million of capital via Low-Income Housing Tax Credit (LIHTC) equity, joint venture equity and traditional construction debt to developers of affordable and mixed-income housing projects. According to MARTA, there will be an emphasis on funding projects led by minority developers. In addition, Goldman Sachs will “prioritize projects that involve Opportunity Zone equity investments as well as projects that align with Goldman Sachs’ One Million Black Women initiative, a $10 billion commitment to advance racial equity by investing in Black women.”
MARTA has 1,500 affordable housing units either completed, under construction, or in negotiation or in procurement/planning. “Many of those units are located in Federal Opportunity Zones with plans for deep affordability as part of each project,” the agency said. “Developers of these projects on MARTA land will have another source of capital from which to fund their projects.”
MARTA General Manager and CEO Jeffrey Parker
“MARTA has long been focused on not only moving people throughout the region, but in improving the communities we serve,” MARTA General Manager and CEO Jeffrey Parker said. “This partnership with Goldman Sachs supports our ongoing mission to provide equitable access to jobs, education and affordable housing. The initiative helps boost development in the communities around our rail stations and lays the groundwork in advance of other planned transit projects.”
“Our team focuses on deploying capital in projects where we can unlock opportunities for families and communities,” said Yarojin Robinson, a Vice President in the Goldman Sachs Urban Investment Group. “The intersection of transit with affordable housing and investing with minority developers will allow us to create meaningful impact in Atlanta.”
In January, MARTA announced that Morgan Stanley and National Equity Fund (NEF) were establishing a $100 million fund to help boost the agency’s TOD program.
The post MARTA, Goldman Sachs Launch $100MM TOD Partnership appeared first on Railway Age.
This article first appeared on www.railwayage.com
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2022 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.