Rehabilitating Housing

Goldman Sachs Asset & Wealth Management has invested

Goldman Sachs’ investment will finance the rehabilitation of the existing 248-unit public housing project in the US Virgin Islands currently owned and managed by the local housing authority. The project represents an important public-private partnership for the US Virgin Islands. The Hodge Pavilion is located in an Opportunity Zone and an area targeted for support and rehabilitation by the U.S. Department of Housing and Urban Development (HUD). The project suffered hurricane and wind-related damage from two back-to-back hurricanes in 2017, Irma and Maria. The rehabilitation will include many design, infrastructure, resiliency and energy improvements, to better equip the project to handle future weather events. The Hodge Pavilion utilizes HUD’s Rental Assistance Demonstration program, as well as additional funds made available by HUD through its Community Development Block Grant Disaster Recovery and by the Federal Emergency Management Agency to address weather-related damage and storm-hardening in the US Virgin Islands. The project will help maintain and preserve affordability in a moderate-income area, with substantial need and limited supply of high-quality affordable housing.