FOR IMMEDIATE RELEASE
June 25, 2021
MARTA AND GOLDMAN SACHS
ASSET MANAGEMENT ANNOUNCE $100 MILLION ATLANTA AFFORDABLE HOUSING AND
TRANSIT-ORIENTED DEVELOPMENT INITIATIVE
The Initiative Will
Support Affordable Housing, Transit Access, and Minority Developers
ATLANTA –
The Metropolitan Atlanta Rapid Transit Authority (MARTA) today announced a
partnership with the Goldman Sachs Urban Investment Group within Goldman Sachs
Asset Management (Goldman Sachs) for a $100 million initiative to finance new
development at or within a mile of MARTA rail stations. The Atlanta Affordable
Housing and Transit-Oriented Development (TOD) Initiative is a flexible,
multi-product program designed to promote and support the development of
ground-up mixed-income, TOD projects that benefit from proximity to MARTA’s 38
heavy rail stations and 12 Atlanta Streetcar light rail stops.
“MARTA
has long been focused on not only moving people throughout the region but in
improving the communities we serve. This partnership with Goldman Sachs
supports our ongoing mission to provide equitable access to jobs, education,
and affordable housing,” said MARTA General Manager and CEO Jeffrey Parker.
“The initiative helps boost development in the communities around our rail
stations and lays the groundwork in advance of other planned transit projects.”
Through the
Initiative, Goldman Sachs 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, benefitting developers of affordable and mixed
income housing projects and stimulating growth and opportunity across Atlanta,
with a strong emphasis on funding projects led by minority developers. This
year, 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.
“Access to
stable, quality, affordable housing near reliable transportation is critical to
every area of a person’s life and is connected to better health outcomes and
economic mobility,” said Margaret Anadu, the Global Head of Sustainability and
Impact for Goldman Sachs Asset Management. “Through One Million Black Women, we
are investing in the infrastructure that enables Black women, their families
and their communities to succeed and are so excited to participate in this work
in Atlanta.”
“Our team
focuses on deploying capital in projects where we can unlock opportunities for
families and communities. The intersection of transit with affordable housing
and investing with minority developers will allow us to create meaningful
impact in Atlanta,” said Yarojin Robinson, a Vice President in the Urban
Investment Group within Goldman Sachs Asset Management. “As a Georgia native,
I’m really excited to be working on this effort with MARTA for Goldman Sachs.”
Earlier this
year, MARTA facilitated the creation of another $100 million affordable housing
TOD fund which is focused on protecting and preserving existing units within a
half mile of its rail stations.
MARTA currently
has 1,500 affordable housing units either completed, under construction, 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. Developers of these projects on MARTA land will have another source of
capital from which to fund their projects.
About the Goldman Sachs Asset Management Urban Investment
Group
Bringing
together traditional and alternative investments, Goldman Sachs Asset Management
provides clients around the world with a dedicated partnership and focus on
long-term performance. As the primary investing area within Goldman Sachs
(NYSE: GS), we deliver investment and advisory services for the world’s leading
institutions, financial advisors and individuals, drawing from our deeply
connected global network and tailored expert insights, across every region and
market—overseeing more than $2 trillion in assets under supervision worldwide
as of March 31, 2021. Driven by a passion for our clients’ performance, we seek
to build long-term relationships based on conviction, sustainable outcomes, and
shared success over time. Goldman Sachs Asset Management invests in the full
spectrum of alternatives, including private equity, growth equity, private
credit, real estate and infrastructure. Established in 2001, the Urban
Investment Group within Goldman Sachs Asset Management has committed over $10
billion through real estate projects, social enterprises and lending facilities
for small businesses and students, creating economic value and opportunities
for underserved communities and families. Follow us on LinkedIn.