NYC Union Pension Systems Invest in Affordable City Housing

NEW YORK– The AFL-CIO Housing Investment Trust announced that five New York City union pension systems are investing $150 million into projects to establish 20,000 units of affordable housing.

The Housing Investment Trust is known to supply assistance in affordable housing all across the nation. The labor union is responsible for building the housing.

“Economically targeted investments are designed to address marker inefficiencies by providing capital or liquidity to under-served communities and populations across the city,” said Comptroller Scott Stringer, New York City’s chief financial officer.

The 7-year affordable housing plan is expected to provide 7, 300 union construction jobs, which is nearly double that number in total jobs and $1 billion in wages and benefits to workers.

Stringer advised the union pension systems on the project. “Working with the HIT on investing in housing is a fiscally smart marriages and housing policy.”

Source: PAI