Goldman Sachs has committed $270 million to fund a large-scale affordable housing initiative in New York, furthering its investment in community development and addressing the city’s growing housing crisis.
The financing will support the construction and preservation of more than 1,100 affordable housing units across multiple boroughs, including Brooklyn, the Bronx, and Queens. The project is a collaboration with local developers, nonprofit housing organizations, and city agencies, aiming to provide long-term, income-restricted residences for low- and moderate-income New Yorkers.
“This investment reflects our commitment to inclusive growth and community resilience,” said Margaret Anadu, Global Head of Sustainability and Impact at Goldman Sachs Asset Management. “Affordable housing is essential to the fabric of this city, and we are proud to support solutions that improve access and equity.”
The project includes a mix of new construction and rehabilitation of existing properties, with a focus on sustainable design, energy efficiency, and supportive services such as job training, childcare facilities, and access to public transit.
Goldman Sachs has a long history of investing in affordable housing, having deployed over $10 billion nationwide through its Urban Investment Group since its inception. This latest funding aligns with the firm’s broader strategy to drive economic empowerment in underserved communities.
Construction is expected to begin in late 2025, with phased openings scheduled through 2027.
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