MARTA, Goldman Sachs Launch $100MM TOD PartnershipWritten by Marybeth Luczak, Executive Editor
Metropolitan Atlanta Rapid Transit Authority (MARTA) is teaming with the Goldman Sachs Urban Investment Group on a $100 million affordable housing and transit-oriented development (TOD) initiative.
The initiative will finance new development at or within a mile of MARTA’s 38 rapid transit stations or 12 Atlanta Streetcar light rail stops.
The Goldman Sachs Urban Investment Group, part of Goldman Sachs Asset Management, will seek to provide up to $100 million of capital via Low-Income Housing Tax Credit (LIHTC) equity, joint venture equity and traditional construction debt to developers of affordable and mixed-income housing projects. According to MARTA, there will be an emphasis on funding projects led by minority developers. In addition, Goldman Sachs will “prioritize projects that involve Opportunity Zone equity investments as well as projects that align with Goldman Sachs’ One Million Black Women initiative, a $10 billion commitment to advance racial equity by investing in Black women.”
MARTA has 1,500 affordable housing units either completed, under construction, or in negotiation or in procurement/planning. “Many of those units are located in Federal Opportunity Zones with plans for deep affordability as part of each project,” the agency said. “Developers of these projects on MARTA land will have another source of capital from which to fund their projects.”
“MARTA has long been focused on not only moving people throughout the region, but in improving the communities we serve,” MARTA General Manager and CEO Jeffrey Parker said. “This partnership with Goldman Sachs supports our ongoing mission to provide equitable access to jobs, education and affordable housing. The initiative helps boost development in the communities around our rail stations and lays the groundwork in advance of other planned transit projects.”
“Our team focuses on deploying capital in projects where we can unlock opportunities for families and communities,” said Yarojin Robinson, a Vice President in the Goldman Sachs Urban Investment Group. “The intersection of transit with affordable housing and investing with minority developers will allow us to create meaningful impact in Atlanta.”
In January, MARTA announced that Morgan Stanley and National Equity Fund (NEF) were establishing a $100 million fund to help boost the agency’s TOD program.