Building Neighborhoods
Goldman Sachs Urban Investment Group revitalizes communities by financing projects such as The Bradford, an innovative mixed-income housing development in the Bedford-Stuyvesant section of Brooklyn, New York.
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| VIEW VIDEO: Alicia Glen talks about the transaction |
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| Rendering of the completed building |
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| The site prior to demolition |
As the sole private investor in the Bradford, the Urban Investment Group (UIG) continues to demonstrate its commitment to creating public-private partnerships to help transform underserved US communities into sustainable and vibrant neighborhoods. The mixed-use, mixed-income project will include 105 apartments for low- and middle-income families as well as more than 9,700 square feet of community-serving retail space.
UIG 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 allowed HDC financing to be used in conjunction with new markets tax credits for the first time. The UIG investment, coupled with the HDC and HPD financing, allowed the project to move forward despite the difficult real estate financing environment and diminishing government resources.
UIG is partnering with the Bedford-Stuyvesant Restoration Corporation, the nation’s oldest community development corporation, and BRP Development Corporation, a minority-owned development firm, to complete the project, which is part of a broader strategic partnership between UIG and BRP to invest in mixed-income community development projects in neighborhoods across New York City. The New Markets Tax Credit ("NMTC") program, which was created by Congress in 2000 to spur investment of private sector capital in distressed communities, relies upon community development entities (CDEs) to effectively allocate NMTC capital to deserving businesses and projects. The NMTC allocation for the Bradford was provided by Waveland Community Development and Carver Federal Savings Bank, two organizations with long histories of investing in underserved communities.