On Sept. 17, New York City Comptroller Mark Levine and four city public pension funds announced a $300 million investment in the AFL-CIO Housing Investment Trust to support housing construction and preservation across the five boroughs.
The allocation is the Housing Investment Trust’s largest-ever from the city pension funds and forms part of a broader $4 billion, four-year housing investment initiative launched by the Comptroller in April.
The trust’s current New York City pipeline is expected to create or preserve approximately 10,000 homes over the next five years, with projects representing about $4.1 billion in total development costs.
“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 investment brings together the Teachers’ Retirement System, New York City Employees’ Retirement System, Police Pension Fund and Fire Pension Fund. Collectively, the four funds will become the trust’s largest investor.
Since 2002, the city pension funds have invested $583 million with the trust, while the trust says its work has created or preserved more than 40,000 homes across New York City. Twelve of the major projects were deployed in Brooklyn.
City pension records show that Housing Investment Trust projects in Brooklyn have accounted for more than $178 million in investment since 2015, supporting 543 low- and moderate-income units through the first quarter of 2026.
Several projects in the existing pipeline are expected to begin later in 2026. The $300 million allocation will provide additional capital for the trust as it advances housing projects across the five boroughs.
