The AFL-CIO Housing Investment Trust (HIT) has established community investment initiatives in areas with extraordinary housing needs in order to make a positive impact on residents’ lives. Such initiatives illustrate the capacity of the HIT to meet urgent needs for affordable rental housing and homeownership opportunities while creating union jobs and strengthening local communities.
Targeted investing is particularly well suited to the HIT because it takes advantage of its demonstrated ability to network with community-based housing groups, labor organizations, developers, bankers, and local governments to generate housing and community development. Drawing support from area mayors, housing authorities, developers and labor leaders, the HIT’s high profile initiatives are helping enhance its housing production capacity, allowing it to be an active participant in local financing and housing markets. The HIT has a long history of initiative investing. Current initiatives include:
- The New York City Community Investment Initiative (NYCCII) is a multi-phase investment initiative first launched by the Trust in January 2002 in the wake of the September 11 tragedy to provide much-needed investment capital for New York City. Through the NYCCII, the HIT continues to work toward increasing multifamily housing and homeownership opportunities for New York's working families. In its first four years, the HIT exceeded its $500 million five-year investment target. In February 2006, the HIT renewed its commitment to the City of New York by announcing a second $250 million-plus commitment.
- The Chicago Community Investment Plan (CCIP) is a $500 million investment initiative announced by the HIT in 2005 to help Chicago address housing and community development needs. The Trust is well on its way to meeting the goals set as part of this five-year initiative.
- The HIT has launched its new Gulf Coast Revitalization Program (GCRP) to rebuild homes and communities that were devastated by the 2005 hurricanes. The HIT has committed $250 million to develop or rebuild affordable housing for working families on the Gulf Coast. Another $250 million is targeted for mortgage loans to union members and public employees, including first responders, and $100 million for building or renovating needed health care facilities.
