Sweeney explained the investment commitment of labor pension capital earmarked for housing and commercial development throughout the city. "Labor is committed to New York," Sweeney said. "After the devastation of Sept. 11, we want to do something tangible for the economic recovery by putting workers' pension dollars to work for this great city."
The three-pronged initiative divides the $750-million investment evenly among commercial and economic development, multifamily housing and single-family mortgages.
On the commercial front, AFL-CIO's Building Investment Trust and a new fund, the AFL-CIO Urban Development Fund will seek out $250 in real estate opportunities. Another $250 million will be available in mortgage loans for the production or renovation of rental housing with special emphasis given to production of housing for special needs, including the homeless. And homeownership for working families will be fostered through $25 million in mortgage funding for union and municipal employees through the Housing Investment Trust HOME program in partnership with Countrywide Home Loans and Fannie Mae.
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