Half Billion Dollar Mark

HIT net assets surpass $500 million.

Ravitch Named Chairman

Richard RavitchRichard Ravitch is named Chairman of the HIT's Board of Trustees, following the resignation of former Chairman Marvin S. Gilman.

 



Union-Built Single Family Homes

The HIT makes its first investments in ProLoan, an innovative single-family program that offers forward commitments for homes in union-built subdivisions in St. Louis and Chicago. ProLoan becomes a model for increasing union market share in residential construction. The HIT will invest $300 million over the next seven years in single-family developments representing more than $652 million in total development activity for 2,650 union-built single-family homes. This financing created an estimated 5 million hours of union construction work.

Union Privilege Mortgage Program

The AFL-CIO's Union Privilege Mortgage Program opens for business. The mortgages are part of the services offered to union members through the AFL-CIO Union Privilege program.

Expanded Investment Authority

New Center ApartmentsThe HIT expands beyond its traditional work with the FHA and makes its first investment in mortgage-backed securities issued and guaranteed by Fannie Mae. This is the first step in a new initiative with Fannie Mae to finance affordable rental housing units nationwide using tax credits or other public subsidies.

Partnering with State Housing Finance Agencies

The HIT secures its first agreement with a state government entity – the Massachusetts State Housing Finance Agency (MassHousing). The HIT agrees to purchase taxable bonds backed by MassHousing to finance affordable housing in the state.