HIT Assets Pass $3 Billion

The HIT surpasses $3 billion in net assets, with $3.28 billion under management at year-end.

New York City Initiative Launched

Within months of the tragic events of September 11, 2001, the HIT launches its New York City Community Investment Initiative, an unprecedented labor-led effort involving pension funds, local government, community organizations, lenders, and developers with a shared mission of expanding affordable housing, increasing homeownership, and promoting community and economic development in New York City. In addition to the HIT's target of $500 million for multifamily housing and homeownership opportunities, the AFL-CIO Building Investment Trust will provide $250 million for commercial real estate projects.

HIT Opens Office in New York

NY Office Ribbon CuttingThe HIT opens an office in New York City to spearhead the New York City Community Investment Initiative.

First Project after 9/11

Hudson Crossing GroundbreakingWork begins on the $75 million Hudson Crossing apartments in New York City, the first high-rise residential construction in Manhattan to break ground after the 9/11 tragedy. The HIT provides $10 million of financing through the purchase of taxable bonds.

HIT HOME Milestone

HIT HOME FamilyThe HIT HOME mortgage program, sponsored by the HIT in a number of states, passes $100 million in mortgage production, assisting 1,000 union families to become homeowners.

Landmark Housing Report

The Congressionally-appointed Millennial Housing Commission issues a landmark report calling for the U.S. to make producing and preserving more sustainable, affordable housing a top national priority. HIT Chairman Richard Ravitch co-chairs the Commission.

New Standards for Public Companies

Congress enacts the Sarbanes-Oxley Act of 2002, also known as the Public Company Accounting Reform and Investor Protection Act of 2002, which introduces major changes to the regulation of financial practice and corporate governance. The legislation is a response to a number of major corporate and accounting scandals, which cost investors billions of dollars and shake public confidence in the nation's securities markets.