Goldman Sachs and NYC Mayor's Office announce $50M initiative to support minority-owned affordable housing developers with potential $500M in private construction lending to address NYC's housing shortage.

Goldman Sachs and New York City Mayor's Office announced a $50 million initiative to support minority-owned affordable housing developers, backed by the Community Preservation Corp. The initiative aims to facilitate credit for minority-owned housing developers, potentially unlocking $500 million in private construction lending. The move addresses the shortage of affordable housing in New York City, which is among the nation's most expensive rental and real estate markets.