The HIT's New York City Community Investment Initiative (NYCCII) is a $750 million multi-phase investment initiative first launched in January 2002 to help meet the City’s urgent need for investment capital following the tragic events of September 11, 2001. The first phase of the program achieved outstanding success, surpassing its five-year, $500 million investment goal in less than four years. Under Phase II, launched in early 2006, the HIT is working toward a new five-year goal of an additional $250 million in investments in New York City multifamily housing. Phase II also includes a homeownership initiative with Chase and Union Privilege to offer the HIT HOME and Union Plus mortgage products with a five-year goal of $1 billion in mortgage loans for union members and city employees.
In Phase I of the NYCCII, the HIT exceeded its $500 million investment target with actual commitments of $596 million for New York housing during this period, including both multifamily housing and homeownership opportunities. With funds leveraged from other sources, the estimated value of HIT's housing investments is $1.2 billion.
As the first investment under this initiative, the HIT joined forces in 2002 with the New York City Housing Development Corporation and a private developer to invest in Hudson Crossings. The $74 million apartment project was the first multifamily project for the NYCCII and the first residential construction in Manhattan after September 11th. In addition, to increase housing opportunities in New York for working families, the initiative has helped preserve the City's shrinking stock of affordable housing with financing for more than 11,000 units of low- and moderate- income housing.
Joining in the NYCCII, the AFL-CIO Building Investment Trust (BIT) also exceeded its own Phase I investment goal of $250 million one year ahead of schedule, with investment commitments of $256 million for New York City real estate. The BIT has set a new goal of $250 million in equity real estate investments for Phase II of the NYCCII.
