New AFL-CIO Officers

AFL-CIO OfficersJohn Sweeney resigns in September after 14 years as AFL-CIO President. At the AFL-CIO convention in November, delegates choose a new slate of national officers: President Richard Trumka, Secretary-Treasurer Liz Shuler, and Executive Vice President Arlene Holt Baker. Both Trumka and Holt Baker are HIT Trustees at the time of their election, and Shuler is named a HIT Trustee at the next meeting of the HIT Board.

HIT Leadership Changes

With his new responsibilities as New York Lieutenant Governor, Richard Ravitch steps down as HIT Chairman but remains a HIT Trustee. HIT participants approve AFL-CIO President Emeritus John Sweeney as new Chairman of the HIT.

Strong Performance

The HIT outperforms its benchmark, the Barclays Capital Aggregate Bond Index, on a gross basis for the 17th consecutive calendar year. It has outperformed on a net basis for 11 of those years.

Recovery Act Offers Assistance

Obama signing Recovery ActIn one of his earliest presidential acts, President Barack Obama signs the American Recovery and Reinvestment Act, offering new programs to help stimulate the economy and provide relief to people in need. Some of its programs – such as a homebuyer tax credit – are aimed at jump-starting the economy, while others seek longer-term economic benefits such as infrastructure development, energy savings, health and education programs, and scientific research.

Poverty Rate Rises

The poverty rate reaches 14.3%, the highest since 1994, the Census Bureau reports. The absolute number of people living in poverty, 43.6 million, is the largest in the 51 years for which estimates are available.

Pledge to Create 10,000 Union Jobs

WorkerThe new Administration asks labor leaders for input on strategies to speed economic recovery. To support the job creation goals of the AFL-CIO and the Building and Construction Trades Department, AFL-CIO, the HIT responds with a pledge to create 10,000 union construction jobs by the spring of 2011 through the projects it finances. These investments will add desirable construction securities to the HIT portfolio while also helping working families and their communities.

Housing for Working Families

Goodwill TerraceA $22 million HIT investment helps maintain the affordability of 2,245 housing units at five New York City developments that are home to middle-income families in Brooklyn, Queens and Manhattan as part of the HIT's workforce housing initiative.

Growing Homelessness

A report by the National Alliance to End Homelessness reports that "without effective intervention, the recession will mean approximately 1.5 million additional Americans will experience homelessness in 2009 and 2010."