NEW YORK CITY COMMUNITY INVESTMENT INITIATIVE

Back to Initiatives

(2002-PRESENT)

This is the third phase of the HIT’s long-standing commitment to New York City. It has a goal of investing $1 billion between 2016 and 2023. The HIT’s NYC initiatives began in 2002 in the wake of September 11 to help the city address its urgent affordable housing needs. Since then, the HIT has invested in all five boroughs and neighboring Yonkers.

NEW YORK CITY ECONOMIC IMPACT OF INVESTMENTS

(2002-present)

Number of Projects
$B

HIT Investment Amount
$B

Total Development Cost
Housing Units Created or Preserved
Low-and Moderate-Income Housing Units

$B

Total Economic Impact
Total Jobs Created
M

Hours of Construction Work Generated
$M

State, Local and Federal Tax Revenue Generated
%

Percent Affordable

New York City Initiative Investments

311 West 42nd Street The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $337.7 million new construction of 311 West 42nd Street, a mixed-use development comprised of 330 res... View

Betances Residence The project is being developed by Breaking Ground, New York’s largest developer of supportive housing. View

1490 Southern Boulevard The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $59.1 million new construction of the 1490 Southern Boulevard apartments in the Crotona Park East nei... View

Seton Phase II This project is a $21.1 million two-story addition above the 137-bed, state-of-the-art, Elizabeth Seton Pediatric Care Center, a skilled nursing care facility financed by... View

I believe this is one of the most visionary, socially responsible funds in the nation, and…I am proud of the HIT investments we’ve made.
— Scott M. Stringer, NYC Comptroller, Speaking in 2011 as Trustee of NYC Employees Retirement System

Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is current as of September 30, 2024. Economic impact data is in 2023 dollars and all other figures are nominal.

Investors should consider the HIT’s investment objectives, risks and expenses carefully before investing. Investors may view the HIT’s current prospectus, which contains more complete information, on its website at www.aflcio-hit.com and may obtain a copy from the HIT by calling the Marketing and Investor Relations Department at 202-331-8055. Investors should read the current prospectus carefully before investing.