flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

New York City creates $10 million fund to help women- and minority-owned firms win construction contracts

Codes and Standards

New York City creates $10 million fund to help women- and minority-owned firms win construction contracts

The money is earmarked for up to $500,000 surety bonds per contract.


By Peter Fabris, Contributing Editor | July 13, 2017

Pixabay Public Domain

New York City recently created a $10 million fund to assist women- and minority-owned businesses win construction contracts.

The money can pay up to $500,000 of surety bonds per contract. City contractors are required to post the bonds to guarantee they will satisfactorily perform work and pay their bills.

Smaller firms without a track record of completed projects, however, have a difficult time securing bonds from the private market. The fund will also help other contractors who are required to hire a certain percentage of these firms but can't find enough of them to meet their mandated quotas.

The city aims to issue $16 billion worth of contracts to minority- and women-owned businesses by 2025.

Related Stories

Codes and Standards | Jun 26, 2018

Boston enacts new climate resiliency rules for buildings

New policy is likely a first in the nation.

Codes and Standards | Jun 25, 2018

Integrated Project Delivery guide offered by Pankow Foundation

An Action Guide for Leaders offers answers to critical IPD questions.

Codes and Standards | Jun 21, 2018

New app said to automate code compliance

Startup offers plug-in that scans 3D models.

Codes and Standards | Jun 20, 2018

Home values and local tax revenues at risk from high tide flooding, scientists group says

Analysis of property data identifies communities prone to frequent flooding.

Codes and Standards | Jun 19, 2018

Structural engineered wood products exempt from new EPA formaldehyde ruling

Exempt products include structural plywood, oriented strand board (OSB).

Codes and Standards | Jun 18, 2018

Seattle City Council repeals controversial new per-worker tax on large employers

Measure was aimed at raising $50 million for homeless services, affordable housing.

Codes and Standards | Jun 14, 2018

Hardscape from development makes ‘1,000-year’ flood in Maryland worse

Impermeable concrete made it easier for water to overwhelm drainage system.

Codes and Standards | Jun 13, 2018

United States Resiliency Council announces support for Calif. earthquake resiliency bill

Measure would help cities identify structures that could fail in major quake.

Codes and Standards | Jun 12, 2018

Congestion pricing for cars is effective in reducing traffic, but a difficult sell

After three years, traffic congestion declined by 30% in London.

Codes and Standards | Jun 11, 2018

First RFP requiring modular construction on New York City housing project issued

Part of Housing 2.0 modular construction initiative.

boombox1
boombox2
native1

More In Category


Reconstruction & Renovation

Movement to protect historic buildings raises sharp criticism

While the movement to preserve historic buildings has widespread support, it also has some sharp critics with well-funded opposition groups springing up in recent years. Some opponents are linked to the Stand Together Foundation, founded and bankrolled by the Koch family’s conservative philanthropic organization, according to a column in Governing magazine.



halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021