Communities CASE STUDY: Sendero Verde Affordable housing is a critical part of strengthening communities and building resilience for generations to come. Goldman Sachs provided financing for Phase 1 of the development project consisting of 208 affordable housing units plus community facility space in East Harlem, New York. Of the 208 affordable units in Phase 1, 25% will be set aside for formerly homeless households, 17% will be affordable to households earning up to 30% of area median income (AMI), 25% up to 50% of AMI, and the remaining 33% up to 60% of AMI. Phase 1 is part of the broader Sendero Verde project, a 348- unit mixed-use development that is being built in response to a public request for proposals issued by the New York City Department of Housing Preservation and Development to develop a formerly vacant lot. Sendero Verde is being built Inclusive with the goal of achieving “Passive House” energy efficiency standards. Upon completion, Sendero Verde is expected to be the largest fully affordable Passive House development in Growth the world. In addition to the affordable units, the overall project includes community facility space that will be leased to: We recognize that growth must be inclusive to be sustainable. As with the complexity of a transition to a low- • Harlem Children’s Zone: a local nonprofit organization carbon economy, the inclusive growth challenge is far from focused on breaking the cycle of intergenerational simple and cannot be solved by a single financial institution. poverty through its charter school and preschool Our approach combines over 20 years of experience programs; and investing in underserved communities, learnings from connecting with and listening to the needs of a wide range of • East Harlem Council for Community Improvement: diverse communities and partnerships to help drive solutions a local nonprofit organization focused on community that improve affordability, access, and quality of life. advocacy and providing supportive services. Sustainability Report 2021 Sustainability Issuance Report | Featured Investments 131