AFL-CIO HIT invests $640 million to help New York City rebuild since 9/11 attacks
NEW YORK, Nov. 14, 2011 /PRNewswire-USNewswire/ --The following is being released today by AFL-CIO Housing Investment Trust:
- New York City Comptroller John C. Liu
- HIT Chairman John J. Sweeney
- HIT CEO Stephen Coyle
- Morris Benjamin, President, Penn South Cooperative
AFL-CIO HIT Chairman John J. Sweeney with New York City Comptroller John C. Liu, community and labor leaders, and other public officials to announce that the HIT has invested $640 million of union pension capital over the last 10 years to create or preserve over 24,000 housing or healthcare units in New York City. The most recent investment was $124 million for rehabilitation of the historic Penn South Cooperative. The project will preserve affordability at the union-developed community and create more than 600 union construction jobs.
In 1962, President Kennedy spoke at the dedication of the Penn South complex and challenged the labor movement to "provide a better life for the people who come after us." Two years later, the AFL-CIO launched the HIT, which has helped fulfill that mission. Over the next four and a half decades, the HIT has invested more than $6 billion of union and public employee pension capital ($10.8 billion in today's dollars) to build or preserve more than 100,000 housing units.
Penn South Cooperative, SVA Theatre
333 West 23rd Street, New York, NY 10011
9:00 a.m. breakfast, Tuesday, November 15, 2011 (media invited)
Program begins at 9:45 a.m.
Michael K. Frisby
SOURCE AFL-CIO Housing Investment Trust