The loans will mature at the end of 2023 and will provide a low interest rate, said a spokesman, who declined to comment further on the specific structure of the loan. He said the agency has no estimates of the income it will receive from the program.
The agency runs the initiative with Community Preservation Corp., a nonprofit financing affordable housing and community revitalization company headquartered in Midtown East.
Margaret Anadu, head of sustainability and impact at Goldman Sachs Asset Management, said the firm’s participation in the loan program is linked to its other investment initiatives aimed at addressing gender and racial inequalities.
A Goldman Sachs spokesman declined to comment on loan interest rates or maturities.
The Economic Development Corporation is a not-for-profit organization that is the primary vehicle for promoting the city’s economic development and has approximately 500 employees.