Goldman Sachs is taking steps to remove barriers to access to capital for black developers as part of its One Million Black Women initiative.

The Urban Investment Group within Goldman Sachs Asset Management announced that it closed a $75 million investment with the National Affordable Housing Trust (NAHT) to establish the Black Developers Initiative Affordable Housing Fund, which will finance high-quality affordable housing across the country sponsored by Black-led developers, with a focus on Black women developers.

The goal of the Black Developer Capital Initiative, launched in partnership with Low Income Investment Fund (LIIF) in 2021, is to create more equitable access to capital for Black affordable housing developers. Through the Fund, NAHT will provide Black developers with greater access to Low-Income Housing Tax Credit investment capital and support to developers throughout the development process.