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 | Oct 23, 2017
Energy efficiency investments on the rise; will increase next year
Survey of facility management executives shows onsite renewables, energy storage will spike in 2018.
Codes and Standards | Oct 20, 2017
AIA contract document updates include new BIM, digital data provisions
Documents are structurally different from 2007, 2008 versions.
Codes and Standards | Oct 19, 2017
IAPMO seeks proposals for 2021 Uniform Plumbing Code, Uniform Mechanical Code
The deadline is March 16, 2018.
Codes and Standards | Oct 18, 2017
States impacted by hurricanes are improving their energy efficiency policies
Florida, Texas, rise in ACEEE state energy efficiency scorecard.
Codes and Standards | Oct 17, 2017
Updated versions of EnergyPlus and OpenStudio building energy modeling tools released
Open-source apps include enhancements for urban-scale modeling.
Codes and Standards | Oct 16, 2017
New, comprehensive insurance exhibit released in AIA 2017 contract document updates
Will allow AIA to make updates more frequently as insurance market changes.
Codes and Standards | Oct 12, 2017
New AIA contract document designates responsibilities for sustainable projects
Roles of architects, contractors outlined in E204–2017.
Codes and Standards | Oct 11, 2017
Data, transparency are keys to next steps in green building, says USGBC chief
Monitoring and comparing performance are critical to advancing sustainability goals.
Codes and Standards | Oct 10, 2017
New guidelines for quality control on application of membrane roof systems released
NRCA document provides guidance for on-site evaluation.
Codes and Standards | Oct 9, 2017
New app calculates maximum allowable heights for building occupancy types, classes of construction
The app streamlines compliance on various types of construction.