Late in 2000, the AFL-CIO Housing Investment Trust established HIT Home, a program offering single-family mortgage loans to union members and municipal employees as a means of opening up new opportunities for homeownership for working families. HIT Home complemented the HIT’s community investment activities and provided greater access for union members to enjoy the economic benefits of owning a home.
From 2000 to 2005, the HIT partnered with a national banking institution and Fannie Mae to offer home mortgages to union members across the country. HIT Home reached out to groups that have traditionally been underserved in the homeownership market, with special focus on minority families and female-headed households. The program offered a wide selection of competitively priced home loans as well as savings on closing costs. It also provided homebuyer education, including information for first-time homebuyers. By the time this five-year demonstration program was completed at the end of 2005, HIT Home had served more than 11,000 households. The volume of loans exceeded $1.6 billion, with an average of approximately $150,000 per loan.
From 2006 to 2012, the HIT carried out a special HIT Home program in New York City in conjunction with AFL-CIO Union Privilege and a partner bank, serving union members in that city as well as beneficiaries of the New York City Retirement Systems. The NYC HIT Home program served more than 10,300 New York City union members and city employees during that period with $2.6 billion in mortgage loans.