New York City Investments

The HIT started the New York City Community Investment Initiative (NYCCII) in 2002 to help the city of New York address its urgent affordable housing needs in the aftermath of September 11th.

In 2009, the HIT began the Workforce Housing Initiative to help alleviate the severe shortage of housing affordable to New York City's working families.

In 2015, the HIT announced the next phase of its commitment to the city: the New York City Housing Investment Strategy; a $1 billion commitment to finance 20,000 housing units over the next seven years. Its primary components are:

  • Preservation of 12,500 - 15,000 affordable housing units
  • New construction of 5,000 - 7,500 housing units
  • Working with City and State Agencies to finance affordable housing and improve existing public housing

View NYC Handout

New York City Impact Since 2002

43 total projects financed since 2002

31,099 housing and healthcare units created or preserved

96% of the units are affordable or workforce housing

$898 million of HIT capital invested

$5.76 billion in estimated value

4,830 union construction jobs generated

4,770 additional jobs created in the community

 

A Multi-Pronged Approach

Through its initiatives, the HIT has brought its capital and its housing expertise to bear on issues critical to working families seeking decent, affordable places to live in New York City:

Experienced housing finance officers at the HIT’s New York City office are able to work closely with city housing agencies and local developers to structure investments that meet the needs of the HIT portfolio while also addressing the city’s housing priorities.

HIT Investments in New York City, 2002 - Present

Initiative Total Housing Units Low/Mod. or Workforce
Housing Units
HIT Investment Estimated Value
NYC Community Investment Initiative
 
 
 
 
Phase I, 2002 - 2005
12,337
12,024
$249,123,500
$1,158,400,000
Phase II, since 2006
9,297
8,673
$354,968,100
$1,970,785,437
Subtotal
21,634
20,697
$604,091,600
$3,129,185,437

Workforce
Housing Initiative
 
 
 
 
Since 2009
9,465
9,135
$293,597,000
$2,632,800,078

Total to Date
31,099
29,832
$897,688,600
$5,761,985,515