Goldman invests $61 million in affordable housing

AP News
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Posted: Dec 02, 2009 3:22 PM

Goldman Sachs Group Inc. on Monday said it invested $61 million in an affordable housing program in New York City.

The company's urban investment unit put the money into the New York Equity Fund, a joint venture with the city and two nonprofit organizations, Enterprise Community Investment Inc. and the Local Initiatives Support Corp.

Goldman Sachs' funding will be used to rehabilitate 568 housing units in Brooklyn, the Bronx, and the Harlem section of Manhattan.

The New York Equity Fund works to provide homes for residents earning less than 60 percent of the area median income, or less than $46,800 for a family of four.