View special report on the HIT’s New York City investments
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. Currently under Phase II, launched in 2006, the HIT is working toward a five-year goal of an additional $250 million in investments in New York City multifamily housing. As part of its effort to increase the city’s affordable housing stock, the HIT’s multifamily investments include a preservation initiative that offers financing to preserve the affordability of housing that would otherwise become market-rate. To focus resources on New York City’s need for housing that is affordable to middle-income workers, the HIT established a new workforce housing initiative in 2009.
Phase II of the New York City Community Investment Initiative included a homeownership initiative with Union Privilege, which offered the HIT HOME and Union Plus mortgage products to union members and City employees between 2006 and 2012. This program served more than 10,300 New York City union members and city employees with $2.6 billion in mortgage loans.
As the first investment under the New York City Community Investment 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.
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 totaled $1.2 billion.