(NEW YORK CITY) - Comptroller Mark Levine and the Trustees of four of New York City’s Public Pension Funds have announced a historic $300 million investment with the AFL-CIO Housing Investment Trust (HIT), marking its largest-ever allocation to the Fund as it supports effort to build and preserve homes.

This new investment is the latest step in the Comptroller’s commitment to invest $4 billion over the next four years in housing construction and preservation across New York City.  

Comptroller Levine said: “Programs like the HIT have a proven record of generating strong returns, jobs and homes all at once. This investment is a major step toward expanding our City’s crucial housing stock and tackling the rising cost of living. At a time when many New Yorkers are struggling just to keep a roof over their heads, our strategic partnership with the AFL-CIO Housing Investment Trust allows our Pension Funds to make a sound investment while delivering desperately needed housing and good Union jobs.”  

The four Public Pension Funds will collectively become HIT’s largest investor, strengthening a 25-year partnership that has delivered strong returns for pensioners while addressing New York City’s generational housing crisis.

AFL-CIO HIT invests in the construction and preservation of homes, with a particular focus on workforce and affordable units, all with 100% Union construction.

Since 2002, New York City’s Public Pension Funds have together invested $583 million in capital with HIT, seeing one, three and five-year returns all keeping pace with or outperforming their benchmarks.

New Yorkers have additionally benefited as HIT has created or preserved more than 40,000 housing units across the City. 

“New York City’s housing crisis demands investments that match the scale and urgency of the problem, and this historic $300 million commitment to the AFL-CIO Housing Investment Trust does exactly that,” Manhattan Borough President Brad Hoylman-Sigal said.

“By helping create or preserve approximately (10,000) homes over the next five years, this partnership will strengthen our housing supply while supporting the Union Workers who build and maintain our City. I’m grateful to Comptroller Mark Levine and AFL-CIO Housing Investment Trust CEO Chang Suh for bringing together Labor, housing and responsible investment to deliver the homes New Yorkers desperately need,” he said. 

AFL-CIO Housing Investment Trust CEO & CIO Chang Suh said: “This additional investment will help the HIT finance more housing projects in New York City, demonstrating that competitive returns can be achieved while improving communities. This is common sense investing that has worked for decades for the HIT.”

To Continue Reading This Labor News Story, Go To: Comptroller Levine and Pension Trustees Commit $300M in New Capital to Fund Union-Built Housing in New York City - Office of the New York City Comptroller Mark Levine