Stringer also advised the union pension systems on the projects. Working with the HIT on investing in housing “is a fiscally smart marriage of resources and housing policy,” he added. The investments provide market returns to the pension funds, HIT noted.
The HIT invests in affordable housing, and sometimes other projects, nationwide. As its key condition, union labor totally builds all the projects. But the new New York investment marks the first phase of a new HIT strategy for investing in the city over the next seven years, Housing Trust Chief Executive Stephen Coyle said.
The strategy, developed by HIT, union leaders, developers, community groups and Stringer’s staff, “aims to preserve the affordability of 12,500 to 15,000 housing units, construct 5,000 to 7,500 new housing units” and to “work with city and state agencies to finance and improve affordable public housing,” the Housing Investment Trust stated.
HIT estimated the seven-year plan would produce 7,300 union construction jobs, double that number in total jobs and $1 billion in wages and benefits to workers.
- Press Associates contributed to this report.