Aiming to provide housing options for the state’s “most vulnerable populations,” Goldman Sachs is partnering with New Jersey Community Capital to provide $15 million for supportive housing in the Garden State.
Through the partnership, the Goldman Sachs Social Impact Fund is investing $15 million, which New Jersey Community Capital is using to establish the “Supportive Housing Fund.” The fund will be used to develop 80 supportive housing units in New Jersey.
Supportive housing is an affordable housing option that also provides services like job training and placement to its residents.
The Supportive Housing Fund will offer nonprofit and “mission-aligned, for-profit organizations” flexible financing for the development, acquisition, and rehabilitation of single-family, scattered-site, and multifamily units.
In this first effort, NJCC is partnering with the Supportive Housing Association of New Jersey to create supportive housing in several neighborhoods throughout state.
“We are pleased to expand our commitment to create more opportunities for New Jersey’s most underserved and vulnerable people and places,” Margaret Anadu, managing director, urban investment group at Goldman Sachs, said. “We are proud to continue our partnership with New Jersey Community Capital and create the Supportive Housing Fund, given the organization’s deep expertise in stabilizing neighborhoods and creating supportive housing across the state.”
According to a release, the funds will be directed to organizations with projects “designed to reduce homelessness or address the critical housing needs unique of persons with special needs.”
Wayne Meyer, president of New Jersey Community Capital, said the investment will help people establish a solid foundation for their lives.
“The Supportive Housing Fund enriches communities and is crucial to the development of affordable, permanent housing solutions for individuals and families in need,” Meyer said. “Together with Goldman Sachs, we can employ the ‘housing first’ model that immediately places our most vulnerable residents into safe and secure homes while being connected to crucial treatment and social services. This not only ensures they can stay in their homes, but also thrive and realize their own economic and personal goals.”