To help New Orleans and other coastal communities move forward after the devastation of Hurricane Katrina, the AFL-CIO Housing Investment Trust (HIT) initiated a multi-faceted Gulf Coast Revitalization Program. Launched in 2006, the Gulf Coast Revitalization Program focuses union capital and technical expertise on the urgent development needs of communities still coping with the effects of the 2005 storms and flooding. As partners in this effort, the HIT assembled a coalition of national and local groups committed to affordable housing in the region who represent a wide range of expertise on housing and community development.
Program staff have been active technical advisors on the financing of single-family and multifamily housing projects, healthcare-related developments, and union-affiliated manufactured housing facilities.
The Gulf Coast Revitalization Program is another way the HIT is working to create value for the portfolio while addressing an unprecedented need for housing. The HIT intends to put investors’ capital prudently to work not only to seek competitive returns but also to aid in the continued recovery from one of the nation’s worst natural disasters.