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New York City is making another move to tackle the affordable housing crisis, this time by partnering with the financial services firm Goldman Sachs. With the creation of the New York City Minority Business Enterprise Guaranty Facility, some ten different MBE developers will have access to as much as $500 million in private construction lending.
“In order to be a developer they have to show a certain amount of capital,” Pompey explained in an interview with the. “Money––that whole quandary of ‘you have to have money to make money’ or the capital to be able to fund these projects––minority developers are locked out of these development opportunities because they don’t have the capital, the liquidity, the carry guarantees generally required by lenders to be able to build much-needed affordable housing units.
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