NYSE GS today announced a significantinvestment in the rebuilding of the C

(NYSE: GS) today announced a significantinvestment in the rebuilding of the C.J Peete Apartments Housing Complex. Theannouncement was made at a groundbreaking ceremony for the new development,which was also attended by Secretary of Housing and Urban Development StevePreston, New Orleans Mayor Ray Nagin, General Douglas ODell, federalcoordinator for Gulf Coast Rebuilding, as well as representatives of the HousingAuthority of New Orleans, the state of Louisiana, and the City of New Orleans. The firms investment will help develop a residential rental communityconsisting of 460 units in 116 residential buildings, as well as a communitycenter. A substantial portion of the project will consist of rent restrictedunits that will be set aside for low income households and former C.J Peeteresidents. "We recognize the potential new capital can play in overlooked andunderdeveloped sections of urban America," said Lloyd C.

Peete projectis a compelling opportunity to invest not only for an economic return, but alsoin the revitalization and growth of a community." The C.J. Peete Apartments were originally built in 1941 and grew into one of thelargest public housing communities in New Orleans Hurricane Katrina left muchof the complex uninhabitable. Today, the reconstruction of affordable housing isa critical component in the redevelopment of New Orleans. The Goldman Sachs investment was coordinated by the firms Urban InvestmentGroup.

"Natural disaster has exacerbated an urgent need for high quality, affordablehousing in New Orleans," said Alicia Glen, Managing Director and head of GoldmanSachs Urban Investment Group. "We are honored to be a part of this joint effortbetween the public and private sectors to invest capital that will also createjobs and catalyze the revitalization of this community." The Goldman Sachs Group, Inc. is a bank holding company and a leading globalinvestment banking, securities and investment management firm. Goldman Sachsprovides a wide range of services worldwide to a substantial and diversifiedclient base that includes corporations, financial institutions, governments andhigh net worth individuals. Founded in 1869, the firm is headquartered in NewYork and maintains offices in London, Frankfurt, Tokyo, Hong Kong and othermajor financial centers around the world. The Goldman Sachs Urban Investment Group is part of the Merchant BankingDivision within The Goldman Sachs Group, Inc (NYSE: GS).