HIT Selected for HUD Demonstration

Imperial HotelHUD selects the HIT as its largest partner in the congressionally-enacted Community Investment Demonstration Program (CIDP). This special program is designed to help meet the nation's housing needs by leveraging pension investment in affordable housing production. HUD awards the HIT $48.3 million in Section 8 budget authority in Round I of the CIDP. The HIT will ultimately be awarded a total of $115 million in Section 8 budget authority under the program's two funding rounds. Adding to this $64 million of its own financing, the HIT eventually leverages more than $130 million of additional financing to develop 18 affordable housing projects across the country, creating 1,970 housing units.

Texas Border Initiative

Corona del ValleThe HIT announces a new initiative to build hundreds of units of affordable housing along the Texas-Mexican border in El Paso and Laredo, home to some of the most impoverished housing developments in the country. These projects are built utilizing Section 8 funds under the HIT's Community Investment Demonstration Program with HUD.

Secure Investments

HIT participants approve an amendment to the HIT's charter that increases the percentage of assets that may be invested in obligations issued or guaranteed by Fannie Mae or Freddie Mac. This will increase the HIT's opportunities to make secure investments that support the development of affordable housing and create union construction jobs.