{"id":32023,"date":"2024-03-05T17:52:39","date_gmt":"2024-03-05T17:52:39","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=32023"},"modified":"2024-03-05T17:52:39","modified_gmt":"2024-03-05T17:52:39","slug":"mayor-adams-announces-50-million-initiative-to-reduce-barriers-and-support-minority-owned-developers-to-build-more-affordable-housing","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/32023","title":{"rendered":"Mayor Adams announces $50 million initiative to reduce barriers and support minority-owned developers to build more affordable housing"},"content":{"rendered":"

NEW YORK: <\/strong>New York City Mayor Eric Adams, New York City Housing Preservation Development (HPD) Commissioner Adolfo Carri\u00f3n Jr., and New York City Housing Development Corporation (HDC) President Eric Enderlin today announced\u00a0a new initiative to provide up to $50 million to help Minority Business Enterprises (MBE) developers overcome historical financial barriers and fully participate in the development of critically needed affordable housing for New Yorkers. Established in partnership with the Urban Investment Group at Goldman Sachs and the Community Preservation Corporation (CPC) the new \u201cNew York City Minority Business Enterprise Guaranty Facility\u201d is expected to enable as much as $500 million in private construction lending to MBEs.\u00a0<\/strong><\/p>\n

Today\u2019s announcement builds on Mayor Adams\u2019 commitment to fight the housing crisis as he continues calls made in his State of the City Address<\/a>\u00a0for Albany to deliver a housing package this session that will help create the affordable homes New Yorkers need and deserve.<\/p>\n

Mayor adams said that\u00a0 \u201cFor too long, Minority Business Enterprises have faced systemic barriers and restrictive financial requirements in our construction sector that have prevented them from being a part of the solution to the affordable housing crisis.<\/p>\n

\u201cToday\u2019s $50 million initiative is a major step forward towards our goal of building a fairer, more equitable New York City while creating housing, jobs, and opportunity for all.\u00a0 As we said in this year\u2019s State of the City address: this city and this nation are facing a massive housing crisis. To face this moment, we must be a \u2018City of Yes\u2019 \u2014 \u2018yes\u2019 in my backyard, \u2018yes\u2019 on my block, \u2018yes\u2019 in my city, and \u2018yes\u2019 to our MBEs ,” he added<\/p>\n

\u201cMinority Business Enterprises are critical drivers of affordable housing development across the five boroughs,\u201d said\u202fDeputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer<\/strong>. \u201cThis new initiative is a powerful way to combat our housing crisis while addressing the historical inequities and gaps in capital for MBE businesses. I am excited to see this unprecedented\u202finvestment bolster diverse businesses and help us forge a clear path for equitable growth in our city.\u201d<\/p>\n

\u201cIn order for New York City to stay competitive on a global stage, we must ensure we\u2019re building the affordable housing we need, and minority-housing development partners are a key part of that path forward,\u201d said HPD Commissioner Carri\u00f3n.<\/strong> \u201cThis new initiative, in partnership with Goldman Sachs, CPC, and HDC, is a major step in the right direction, removing barriers that will allow minority developers to grow, stay competitive, and build more housing \u2014 just as our city needs it the most.\u201d<\/p>\n

\u201cWith the launch of the MBE Guaranty Facility, the city is making\u00a0strides to address barriers that have historically limited minority-owned business enterprises from participating in the development of affordable housing,\u201d said\u00a0HDC President Enderlin<\/strong>. \u201cHDC is proud to partner with HPD, CPC, and Goldman Sachs to provide more equitable access to low-cost capital through the facility and promote greater opportunity for our MBE development partners to succeed.\u201d<\/p>\n

\u201cIn establishing the MBE Guaranty Facility, New York City is taking action against entrenched barriers to entry to this industry that have their roots in a history of structural racism,\u201d said\u202fNew York City Executive Director for Housing Leila Bozorg<\/strong>. \u201cI’m proud to see HPD and HDC partner with Goldman Sachs and the Community Preservation Corporation on this $50 million initiative, which not only proactively removes obstacles that have prevented minority-owned firms from taking part in the creation of affordable housing, but that will stimulate even greater opportunities and access to capital going forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK: New York City Mayor Eric Adams, New York City Housing Preservation Development (HPD) Commissioner Adolfo Carri\u00f3n Jr., and New York City Housing Development Corporation (HDC) President Eric Enderlin today announced\u00a0a new initiative to provide up to $50 million to help Minority Business Enterprises (MBE) developers overcome historical financial barriers and fully participate in […]<\/p>\n","protected":false},"author":5,"featured_media":31934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31],"tags":[],"class_list":["post-32023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-news"],"_links":{"self":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/32023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/comments?post=32023"}],"version-history":[{"count":1,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/32023\/revisions"}],"predecessor-version":[{"id":32024,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/32023\/revisions\/32024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/31934"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=32023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=32023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=32023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}