Comptroller Levine and Pension Trustees Commit $300M in New Capital to Fund Union-Built Housing in New York City

Comptroller Mark Levine and the trustees of four of New York City’s public pension funds on Thursday announced a historic $300 million investment with the AFL-CIO Housing Investment Trust (HIT), marking its largest-ever allocation to the fund, supporting effort to build and preserve homes. This new investment is the latest step in the Comptroller’s commitment to invest $4 billion over the next four years in housing construction and preservation across New York City.

“Programs like the HIT have a proven record of generating strong returns, jobs, and homes all at once,” said Comptroller Mark Levine. “This investment is a major step toward expanding our City’s crucial housing stock and tackling the rising cost of living. At a time when many New Yorkers are struggling just to keep a roof over their heads, our strategic partnership with the AFL-CIO Housing Investment Trust allows our pension funds to make a sound investment while delivering desperately needed housing and good union jobs.”

The four public pension funds will collectively become HIT’s largest investor, strengthening a 25-year partnership that has delivered strong returns for pensioners while addressing New York City’s generational housing crisis. AFL-CIO HIT invests in the construction and preservation of homes, with a particular focus on workforce and affordable units, all with 100% union construction. Read more here.