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<\/p>\nSeptember 17, 2026<\/p>\n
Four Pension Funds Collectively Become Largest Investor in AFL-CIO Housing Investment Trust, Marking Major Step in Comptroller\u2019s $4B Commitment to Unlock Financing Amid Historic Shortage <\/p>\n
New York, NY \u2014 Comptroller Mark Levine and the trustees of four of New York City\u2019s public pension funds today 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\u2019s commitment to invest $4 billion over the next four years in housing construction and preservation across New York City.\u00a0\u00a0<\/p>\n
\u201cPrograms like the HIT have a proven record of generating strong returns, jobs, and homes all at once,\u201d said Comptroller Mark Levine. \u201cThis investment is a major step toward expanding our City\u2019s 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.\u201d\u00a0\u00a0<\/p>\n
The four public pension funds will collectively become HIT\u2019s largest investor, strengthening a 25-year partnership that has delivered strong returns for pensioners while addressing New York City\u2019s 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. Since 2002, New York City\u2019s public pension funds have together invested $583 million in capital with the HIT, seeing 1-, 3-, and 5-year returns all keeping pace with or outperforming their benchmarks. New Yorkers have additionally benefited as the HIT has created or preserved more than 40,000 housing units across the City.\u00a0<\/p>\n
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\u201cNew York City\u2019s housing crisis demands investments that match the scale and urgency of the problem, and this historic $300 million commitment to the AFL-CIO Housing Investment Trust does exactly that,\u201d said Manhattan Borough President Brad Hoylman-Sigal. \u201cBy helping create or preserve approximately 10,000 homes over the next five years, this partnership will strengthen our housing supply while supporting the union workers who build and maintain our city. I\u2019m grateful to Comptroller Mark Levine and AFL-CIO Housing Investment Trust CEO Chang Suh for bringing together labor, housing and responsible investment to deliver the homes New Yorkers desperately need.\u201d\u00a0<\/p>\n
\u201cThis additional investment will help the HIT finance more housing projects in New York City, demonstrating that competitive returns can be achieved while improving communities. This is common sense investing that has worked for decades for the HIT,\u201d said Chang Suh, CEO & CIO for the AFL-CIO Housing Investment Trust.\u00a0\u00a0\u00a0<\/p>\n
The HIT continues to identify and finance projects across New York City to create or preserve housing amid a generational shortage. The program\u2019s current project pipeline in the five boroughs is expected to create or preserve approximately 10,000 units in the coming years, with a combined total development cost of $4.1 billion. Several of those projects are expected to get under way later this year.\u00a0\u00a0\u00a0<\/p>\n