Urban Investment Group 10 Year Anniversary
Ten years ago, Goldman Sachs made an investment that was the start of a big idea.
The firm’s $8 million investment in Dorothy Day Apartments, an affordable housing development in New York’s Harlem neighborhood, was an opportunity to help make New York City - where many of its people lived and worked - better. In addition, it represented an attractive investment opportunity.
Ten years and nearly $1.4 billion in capital commitments later, the Goldman Sachs Urban Investment Group (UIG) is extending its “double bottom-line” model to help revitalize inner cities through financing projects that bring needed housing, jobs, education, health care and other services to underserved and emerging communities.
UIG uses a wide array of innovative equity and debt products, including low-income tax credits, new market tax credits, loans and direct equity investment, to help stakeholders tackle complex community revitalization projects in cities such as New York, San Francisco, New Orleans, Newark and Salt Lake City.
The capital UIG has committed since 2001 has helped finance 9,400 housing units for low- and moderate-income individuals and 960,000 square feet of commercial space in underserved areas, as well as 733,000 square feet of community and facility space, supporting health care clinics, charter schools and other retail services for local residents. UIG projects have directly created 7,000 construction jobs.