Business Wire- Goldman Sachs Partners with New York City Agencies to Finance Community Development in Bedford-Stuyvesant Brooklyn

NEW YORK--(BUSINESS WIRE)--The NYC Housing Development Corporation (HDC), the NYC Housing Preservation and Development (HPD), The Goldman Sachs Group, Inc. and BRP Development announced an innovative $45 million real estate transaction to develop much-needed affordable housing and retail space in Bedford-Stuyvesant, Brooklyn. To be built under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), the new mixed-use, mixed-income project, called “The Bradford,” will include 105 apartments for low- and middle-income families.

“The Bradford will bring new life and strength to the heart of Bedford Stuyvesant by providing new mixed-income affordable housing for families”

Creating and preserving affordable housing is the central goal of the Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an ambitious $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has financed the creation or preservation of nearly 108,600 units of affordable housing across the five boroughs.

Goldman Sachs worked closely with the NYC Housing Development Corporation (HDC), the largest housing bond issuer in the country, and the NYC Department of Housing Preservation and Development (HPD), the largest municipal developer of affordable housing in the country, to develop an innovative structure which for the first time allowed HDC financing to be used in conjunction with New Markets Tax Credits (NMTC). The Goldman Sachs investment, which closed in June, coupled with the HDC and HPD financing, enabled the project to move forward despite the difficult real estate financing environment and diminishing government resources. Goldman Sachs, HDC and HPD look forward to using this structure to secure additional funding for future community development transactions. Click here to read more from Business Wire!