Comptroller Levine and Pension Trustees Commit $300M in New Capital to Fund Union-Built Housing in New York City

Comptroller Levine and Pension Trustees Commit $300M in New Capital to Fund Union-Built Housing in New York City

New York, NY - Comptroller Mark Levine and the trustees of four of New York City's public pension funds today announced a historic $300 million investment with the AFL-CIO Housing Investment Trust (HIT), marking its largest-ever allocation to the fund, supporting effort to build and preserve homes. This new investment is the latest step in the Comptroller's commitment to invest $4 billion over the next four years in housing construction and preservation across New York City.

"Programs like the HIT have a proven record of generating strong returns, jobs, and homes all at once," said Comptroller Mark Levine. "This investment is a major step toward expanding our City's crucial housing stock and tackling the rising cost of living. At a time when many New Yorkers are struggling just to keep a roof over their heads, our strategic partnership with the AFL-CIO Housing Investment Trust allows our pension funds to make a sound investment while delivering desperately needed housing and good union jobs."

The four public pension funds will collectively become HIT's largest investor, strengthening a 25-year partnership that has delivered strong returns for pensioners while addressing New York City's generational housing crisis. AFL-CIO HIT invests in the construction and preservation of homes, with a particular focus on workforce and affordable units, all with 100% union construction. Since 2002, New York City's public pension funds have together invested $583 million in capital with the HIT, seeing 1-, 3-, and 5-year returns all keeping pace with or outperforming their benchmarks. New Yorkers have additionally benefited as the HIT has created or preserved more than 40,000 housing units across the City.

"New York City's housing crisis demands investments that match the scale and urgency of the problem, and this historic $300 million commitment to the AFL-CIO Housing Investment Trust does exactly that," said Manhattan Borough President Brad Hoylman-Sigal. "By helping create or preserve approximately 10,000 homes over the next five years, this partnership will strengthen our housing supply while supporting the union workers who build and maintain our city. I'm grateful to Comptroller Mark Levine and AFL-CIO Housing Investment Trust CEO Chang Suh for bringing together labor, housing and responsible investment to deliver the homes New Yorkers desperately need."

"This additional investment will help the HIT finance more housing projects in New York City, demonstrating that competitive returns can be achieved while improving communities. This is common sense investing that has worked for decades for the HIT," said Chang Suh, CEO & CIO for the AFL-CIO Housing Investment Trust.

The HIT continues to identify and finance projects across New York City to create or preserve housing amid a generational shortage. The program's current project pipeline in the five boroughs is expected to create or preserve approximately 10,000 units in the coming years, with a combined total development cost of $4.1 billion. Several of those projects are expected to get under way later this year.

The Comptroller's Housing Investment Initiative responsibly invests pension capital to generate strong, risk-adjusted returns while addressing the affordability crisis by:

• financing the creation of new mixed-income and affordable housing;

• preserving existing affordable housing before it is lost; and

• supporting office-to-residential conversions that can add homes at scale.

In addition to Comptroller Levine, trustees of the four aforementioned funds are as follows:

Teachers' Retirement System of the City of New York (TRS): Mayor Zohran Mamdani's appointee Ahmer Qadeer, Director and Chief Pension Investment Advisor, Mayor's Office of Pensions and Investments; Alan Ong, Chair, New York City Public Schools Panel for Educational Policy; and Thomas Brown (Board Chair), Victoria Lee, and Christina McGrath, all of the United Federation of Teachers.

New York City Employees' Retirement System (NYCERS): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Investment Advisor, Mayor's Office of Pensions and Investments (Board Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Donovan Richards Jr. (Queens), Antonio Reynoso (Brooklyn), Vanessa L. Gibson (Bronx), Brad Hoylman-Sigal (Manhattan), and Vito Fossella (Staten Island); Henry Garrido, Executive Director, District Council 37, AFSCME; John Chiarello, President, Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

New York City Police Pension Fund (Police): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Investment Advisor, Mayor's Office of Pensions and Investments; New York City Police Commissioner Jessica Tisch (Board Chair); New York City Finance Commissioner Richard Lee; Patrick Hendry, President, Albert Alcierno, First Vice President, Betty Carradero, Second Vice President and Mike Freeman, Chair, all of the NYC Police Benevolent Association; Chris Monahan, President, Captains Endowment Association; Louis Turco, President, Lieutenants Benevolent Association; Vincent Vallelong, President, Sergeants Benevolent Association; and Scott Munro, President, Detectives Endowment Association.

New York City Fire Pension Fund (Fire): Mayor Zohran Mamdani's representative Ahmer Qadeer, Director and Chief Pension Investment Advisor, Mayor's Office of Pensions and Investments; New York City Fire Commissioner Lillian Bonsignore (Board Chair); New York City Finance Commissioner Richard Lee; Robert Eustace, President, Dennis Tveter, Vice President, Chris Viola, Treasurer, and Bob Unger, Chair, all of the Uniformed Firefighters Association of Greater New York; Sean Michael, Chief's Rep., Liam Guilfoyle, Captain's Rep., and Joe Camastro, Lieutenants' Rep., all of the Uniformed Fire Officers Association; and John Young, President, Marine Engineers Association.

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