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  FOR IMMEDIATE RELEASE
January 17, 2002
PR-014-02
www.nyc.gov

MAYOR MICHAEL R. BLOOMBERG JOINS AFL-CIO AND CLC TO ANNOUNCE $750 MILLION HOUSING AND COMMUNITY INVESTMENT INITIATIVE


Mayor Michael R. Bloomberg today joined AFL-CIO National President John Sweeney, New York Central Labor Council President Brian McLaughlin, Building and Construction Trade President Ed Malloy and State AFL-CIO President Denis Hughes to open the offices of the New York City AFL-CIO Investment Program at 31 West 15th Street in Manhattan. The $750 million investment in the City is part of the AFL-CIO national Housing Investment Trust (HIT), the AFL-CIO Building Investment Trust (BIT), and the AFL-CIO Urban Development Fund, a labor-sponsored $4 billion pension investment company which provides construction and permanent financing for new construction and substantial rehabilitation of market-rate and affordable housing.

"I am delighted that Labor is stepping up with this significant investment in New York City," said Mayor Bloomberg. "In the fiscal crisis of the 1970s Labor's pension fund investment helped New York through some of its darkest hours. Today, with the City facing financial hardship once again, our friends in the House of Labor have come through."

"Labor is committed to New York," declared Sweeney. "After the devastation of September 11th, we want to do something tangible for the economic recovery by putting workers' pension dollars to work for this great City."

Among the Trusts' New York City based investors are 1199 Health Care Employees Pension Fund, Electrical Industry Pension Trust Funds, UNITE National Pension Fund, and SEIU Local 32b-J Pension Fund. The NYC Retirement System is actively supporting the New York City Community Investment Initiative. Three of its pension funds - serving New York City employees, teachers, and police - have committed $120 million for investment into HIT.

"Labor is the backbone of this great City," said Brian McLaughlin. "Union pension dollars can have a real and lasting impact on New York City's economic recovery efforts."

The AFL-CIO New York City Community Investment Initiative will focus on critical housing and economic development needs:

"This initiative is a double win for New York City. Not only does it provide crucial post-September 11th investment, but it will also build much needed affordable housing," concluded Mayor Bloomberg.

 

www.nyc.gov

Contact: Edward Skyler \ Jordan Barowitz
(212) 788-2958