AFL-CIO Trusts announce $500 million housing investment in New York City, complete $840 million effort one year early

On February 2, 2006, the AFL-CIO announced the completion of its $715 million investment that helped to rebuild Manhattan after 9-11. The investment, including the first residential construction in Manhattan after the attacks, was managed through the AFL-CIO Housing and Building Investment Trusts. The investment of union pension funds created hundreds of union construction jobs, many supporting or financing low and moderate income housing. Shaun Donovan, NYC Department of Housing Preservation and Development Commissioner, heralded one venture at West Village Houses as "a model for affordable housing."

The Trusts' second phase of investment includes $500 million to finance the development of housing and commercial development in the five boroughs. Union Plus Mortgage also pledged $1 billion for home mortgages for New York City's union and municipal workers. Abernathy-Associates helped to organize and promote the launch held at the Waldorf Astoria, resulting in coverage at the New York Times, Crain's NewYorkBusiness.com, and GlobeSt.com.