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 | Apr 16, 2018

Wide variations in adoption of National Electric Code could jeopardize safety

An NFPA report found that code adoption is under heavier political scrutiny, leading to delays and decisions motivated by factors other than safety concerns. 

Codes and Standards | Apr 12, 2018

Corruption in New York City construction industry is common

Scale of projects, number of players involved contributes to problem.

Codes and Standards | Apr 11, 2018

Urgent need for government to make communities, infrastructure more resilient

More than 350 people died from extreme weather events in 2017.

Codes and Standards | Apr 10, 2018

Boosting energy efficiency helps reduce health risks

Cleaner air results in fewer heart attacks, respiratory disease, and premature deaths.

Codes and Standards | Apr 9, 2018

U.K. business leaders call for zero-carbon buildings by 2030

Real estate, construction industry executives among those supporting the goal.

Codes and Standards | Apr 4, 2018

New ASTM standard supports stucco use in construction

Provides way to measure tensile strength in vertical applications.

Codes and Standards | Apr 3, 2018

LEED v4.1 O+M for Existing Buildings available for beta testing

Update said to be most inclusive and transparent platform to date.

Codes and Standards | Apr 2, 2018

Experts chosen for ICC, ANCR buildings resilience benchmarks project

Specialists to focus on community preparedness for disasters.

Codes and Standards | Mar 29, 2018

Contractors have paid $5.2 million for failing local resident employee mandate on Detroit arena

Companies were only able to meet half of the 51% local worker requirement over course of the project.

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