Massachusetts Housing

Casa Maria ApartmentsThe HIT announces a $75 million, three-year community investment initiative to help Massachusetts overcome its serious shortfall of affordable housing. The program gets off to a strong start with $46.8 million in multifamily commitments in the first year.

 

Expanding Senior Housing

The GatesworthThe HIT joins with the Elderly Housing Development & Operations Corporation, one of the country's leading managers and advocates of quality, affordable senior housing, to explore new approaches for financing housing for the nation's elders. More than 30% of HIT commitments this year are for projects to help meet the housing needs of America's seniors.

Increased Presence in Northeast

The HIT establishes regional staff in Boston to oversee investor relations in the Northeast and help develop new investment opportunities.

U.S. Housing Bubble Bursts

ForeclosureAfter years of rising home prices and easy credit, problems in the housing market begin to show up this summer. Mortgage delinquencies rise, first for subprime mortgages and eventually for the prime markets. Combined with slowing home sales and the oversupply of homes on the market, the mortgage delinquencies prompt financial institutions to virtually shut down the credit markets. By December, the economy is officially in recession.

HIT Returns Hold Firm

The HIT's prudent investment policies hold firm against the volatility and losses in the mortgage and credit markets. The HIT, which has never invested in subprime mortgages, maintains its competitive returns to investors as the recession begins.

Holt Baker Joins AFL-CIO Leadership

Arlene Holt Baker Linda Chavez-ThompsonArlene Holt Baker is appointed Executive Vice President of the AFL-CIO to fill out the term of Linda Chavez-Thompson, who is stepping down after 12 years in the post. Holt Baker, who will win election to the position at the 2009 AFL-CIO Convention, becomes the first African American to serve in one of the AFL-CIO's three highest offices. She had previously worked as a union and grassroots organizer for more than 30 years with the American Federation of State, County and Municipal Employees. Chavez-Thompson becomes the Federation's first executive vice president emerita.

Ayers Heads Building Trades Department

Mark AyersMark Ayers, Director of the IBEW Construction and Maintenance Department, is chosen to succeed the retiring Edward Sullivan as President of the Building and Construction Trades Department, AFL-CIO.