NYC Pension Funds Commit $300 Million to Union-Built Housing, Becoming HIT’s Largest Investor
Updated
Updated · New York City Comptroller · Sep 15
NYC Pension Funds Commit $300 Million to Union-Built Housing, Becoming HIT’s Largest Investor
2 articles · Updated · New York City Comptroller · Sep 15
Summary
$300 million in new capital from four New York City public pension funds will go to the AFL-CIO Housing Investment Trust, the biggest allocation the fund has received and a key step in Comptroller Mark Levine’s $4 billion housing plan.
The investment is aimed at easing New York City’s housing shortage by financing construction and preservation, with a five-borough pipeline expected to create or preserve about 10,000 units and support 100% union-built projects.
The pipeline carries a combined development cost of $4.1 billion, and several projects are expected to begin later this year.
Since 2002, the city’s pension funds have invested $583 million with the trust; officials said 1-, 3- and 5-year returns have matched or beaten benchmarks while helping create or preserve more than 40,000 housing units.