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.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry