Stock Market Reaches Historic High

The Dow Jones Industrial Average closes above 11,000 for the first time, reflecting strong investor confidence in the economy.

U.S. Banking Rules Loosened

Repeal of the 1933 Glass-Steagall Act removes barriers between commercial banking and the financial services industry, allowing banks, brokerages, and insurance companies to merge. In this environment, investment banks will create high-risk securities and market them to the traditionally low-risk commercial banks. These conditions will eventually contribute to the subprime mortgage crisis in 2007.

Piece of Labor History Restored

Carl Mackley ApartmentsThe HIT celebrates the rededication of the historic Carl Mackley apartments in Philadelphia following a $21 million renovation. The HIT provided $9.2 million for the project, which was financed through the HIT's Community Investment Demonstration Program with HUD. When first built in 1934, the Carl Mackley apartments made history as one of the earliest labor-sponsored housing developments providing affordable housing for low- and moderate-income families.

Record HIT Financing Activity

Ocean View TerraceThe HIT issues more new financing commitments this year than in any prior year, with more than $338 million in new investments made during 1999. This year's investments provide financing for 13 projects representing approximately 3,000 housing units and nearly 2,600 union jobs. This level of financing was not surpassed again until 2010.