New York-based AFL-CIO Housing Investment Trust and AFL-CIO Building Investment Trust have announced that they surpassed their goal of investing $750 million over five years and are now launching the second phase of their New York City initiative.The new commitment includes $250 million to construct and rehabilitate multifamily housing in the five boroughs and $150 million in commercial real estate funds. In addition, in collaboration with Union Privilege's "Union Plus Program," the initiative will provide $1 billion for home mortgages for New York members of participating AFL-CIO labor unions. During the past four years, the AFL-CIO trust funds invested $750 million in NYC housing production to create union construction jobs and promote homeownership opportunities for working families. They also successfully enacted the New York City Community Investment Initiative to help the city rebuild after the 9/11 terrorist attacks, AFL-CIO president John Sweeney noted.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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