By Iyani Hughes
ATLANTA, Georgia (WGCL) — MARTA announced a partnership with the Goldman Sachs Asset Management for a $100 million initiative to finance new development at or within a mile of MARTA rail stations Friday morning.
The initiative will support affordable housing, transit access, and minority developers.
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.
“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.
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