The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Goldman Sachs Asset Management (Goldman Sachs) for a $100 million initiative to finance new development at or within a mile of MARTA rail stations.
The Atlanta Affordable Housing and Transit-Oriented Development (TOD) Initiative is a flexible, multi-product program designed to promote and support the development of ground-up mixed-income, TOD projects that benefit from proximity to MARTA’s 38 heavy-rail stations and 12 Atlanta Streetcar light rail stops.
“This partnership with Goldman Sachs supports our ongoing mission to provide equitable access to jobs, education, and affordable housing,” said MARTA GM and CEO Jeffrey Parker. “The initiative helps boost development in the communities around our rail stations and lays the groundwork in advance of other planned transit projects.”
Through the initiative, Goldman Sachs 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, benefitting developers of affordable and mixed-income housing projects, with a strong emphasis on funding projects led by minority developers. This year, 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.
Earlier this year, MARTA facilitated the creation of another $100-million affordable housing TOD fund, which is focused on protecting and preserving existing units within a half mile of its rail stations.
MARTA currently has 1,500 affordable housing units either completed, under construction, 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.