City Pension Funds Invest $300 Million in Housing Trust for New York City
What happened
The City of New York's four public pension funds announced a $300 million investment in the AFL-CIO Housing Investment Trust on September 17. This allocation is the largest ever from the city pension funds and is part of a broader $4 billion, four-year housing investment initiative. The trust's current pipeline is expected to create or preserve approximately 10,000 homes over the next five years.
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Why it matters
The investment aims to expand the city's housing stock and address the rising cost of living. The initiative is expected to generate homes and jobs, with projects representing about $4.1 billion in total development costs. The four city pension funds will become the trust’s largest investor.
Brooklyn is one of the five boroughs of New York City.
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Who's involved
- City of New YorkThe municipal government whose pension funds provided the $300 million investment.
- BrooklynOne of the five boroughs targeted by the housing construction and preservation projects.
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The entities involved
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Brooklyn
borough of New York City, New York, United States
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New York City
most populous city in the United States
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