Wall Street bank Goldman Sachs is joining forces with investment practice Jonathan Rose Companies to create a $23 million private-equity fund to acquire housing in New Jersey that meets requirements of the community reinvestment act. The houses will then be retrofited to greener standards, according to the companies. Goldman said it is committed to keeping these homes, which are located near mass-transit facilities, affordable to occupants for a long time. The fund will seek to replicate the Rose Smart Growth Investment Fund in Harlem. The Rose New Jersey Green Affordable Housing Preservation Fund will improve assets through a “green” capital improvement and operations program “We are very excited about the opportunity to bring the economic, social and environmental benefits of green retrofits to affordable housing projects in New Jersey,” said president Jonathan Rose. “Together with Goldman Sachs, we can have a meaningful impact on the lives of lower-income families.” Goldman Sachs is establishing the fund through its Urban Investment Group, which helps transform underserved U.S. communities into sustainable and vibrant neighborhoods of choice and opportunity. Since its inception in 2001, UIG has committed nearly $1.2 billion to revitalize underserved urban communities. UIG has serviced 9,000 housing units — 75% of which are affordable to low-, moderate- and middle-income families. Wendy Rowden, a managing director of Jonathan Rose investment firm said the planned green retrofits might help reduce costs for owners and tenants. Write to Jacob Gaffney.
Goldman Sachs creates $23 million affordable housing fund
Most Popular Articles
Latest Articles
Real estate farming: Become the go-to agent in your area using these tips, tools & strategies
Learn how to generate a steady pipeline of real estate leads and clients in your area using this proven approach.
-
Zillow believes the evolution of the industry will only help it grow
-
All parties have settled the Sitzer/Burnett suit, so what’s next?
-
Longtime reverse mortgage leader Scott Norman appointed CEO of Texas MBA
-
Rates at 7% attract different types of borrowers, forcing lenders to rethink profit strategies
-
The unchanging