Coyle Appointed CEO

Floyd Hyde and Stephen CoyleStephen Coyle is appointed HIT's Chief Executive Officer, replacing the retired Floyd Hyde. Coyle brings two decades of experience in housing and community development – most recently as Director of the Boston Redevelopment Authority for the past seven years. His public and private sector work includes federal government service as Deputy Undersecretary of the Department of Health and Human Services and, earlier, as Executive Assistant to the Secretary of the Department of Housing and Urban Development. His experience will help the HIT broaden its presence as an investment partner in communities around the country in coming years.

Expanding Partnerships

The HIT establishes its National Partnership for Community Investment to help forge innovative financing initiatives with state and local governments and with the government-sponsored enterprises, Fannie Mae and Freddie Mac. NPCI targets $500 million for affordable housing and community development activities in designated metro areas over a five-year period.

Rebuilding Los Angeles

UmojaCivil disturbances in Los Angeles result in $1 billion of property damage and raise awareness of the needs of low-income urban communities. The AFL-CIO investment program – which includes the HIT and the AFL-CIO Building Investment Trust – responds with a Los Angeles Urban Initiative. Through this initiative, the HIT and BIT will provide construction and permanent financing for residential and commercial redevelopment, respectively.

Oversight of Fannie and Freddie

The Housing and Community Development Act of 1992 establishes the Office of Federal Housing Enterprise Oversight to oversee Fannie Mae and Freddie Mac. The law also directs HUD to set goals for the two government-sponsored enterprises in serving lower income and underserved groups.

Revitalizing Public Housing

HOPE VIHUD's new HOPE VI grant program, also known as the Urban Revitalization Demonstration, is designed to revitalize the nation's most severely distressed public housing. HOPE VI provides a flexible source of support for investments in public housing developments. also known as the Urban Revitalization Demonstration, is designed to revitalize the nation's most severely distressed public housing. Congress and HUD create the HOPE VI grant program to provide a flexible source of support for investments in public housing developments and for their residents.