AFL-CIO HIT to invest $1b in Bay Area rental housing

The AFL-CIO Housing Investment Trust has plans to invest $1 billion to create jobs and rental housing for the Bay Area over the next five years.

Under its multifaceted Bay Area Investment Initiative, the HIT stands ready to invest up to $500 million to develop market-rate, workforce, and affordable housing in the San Francisco Bay Area by working with local unions, investors, community groups, the public sector, low-income tax credit equity investors, financing partners and for-profit and nonprofit real estate developers. The HIT expects to leverage an additional $500 million of investments from these other sources as part of the initiative.

HIT officials estimate that the initiative could create approximately 4,000 union construction jobs, 12,000 total jobs and 4,000 housing units in the Bay Area by 2025.

“Too many people in the Bay Area are being laid off and too many still cannot afford decent housing. A bold, multi-year effort is urgently needed. The HIT