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New York City Investments The HIT started the New York City Community Investment Initiative (NYCCII) in 2002 to help the City of New York address its urgent affordable housing needs in the aftermath of September 11th, when other investors were reluctant to invest capital.
Now in its third phase, the initiative has allowed the HIT to finance 56 transactions and has positively impacted the lives of thousands of New Yorkers across the five boroughs and neighboring Yonkers. With the ongoing severe shortage of housing for low- and middle-income families, the HIT has focused on helping to fill the gap through its network of developers, state and city housing agencies, labor leaders, and city officials. Under the current phase, the New York City Housing Investment Strategy, the HIT set a goal of committing $1 billion to finance 20,000 housing units by 2023. Its primary components are: • Preservation of 12,500 - 15,000 affordable housing units • New construction of 5,000 - 7,500 housing units • Working with City and State Agencies to finance affordable housing and improve existing public housing   Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and subsidiary Building America project data. The data is current as of June 30, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.
HIT Investments in New York City, 2002 - Present

Initiative	Total Housing Units	Low/Mod. or Workforce Housing Units	HIT Investment*	Estimated Value*
NYCCII Multifamily Investments (2002-2013)	21,923	21,317	$704,091,600	$3,244,742,457
Workforce Housing Initiative (2009 - 2015)	9,465	9,339	$293,597,000	$2,632,800,078
Housing Investment Strategy (2015 - present)	5,630	4,268	$360,638,000	$1,210,434,153
Total to Date	37,018	34,924	$1,358,326,600	$7,087,976,688
* Nominal dollars