Your Money Working for You

Posted March 2, 2021

Brothers and Sisters,

              If you have not heard about H.I.T. (Housing Investment Trust), allow me to offer a little info on the subject. The A.F.L.-C.I.O. H.I.T. is union money at work. H.I.T initiatives network with community-based housing groups, labor organizations, developers, mortgage bankers, local government officials and housing finance agencies to generate housing and community benefit. This benefit is that a little of our pensions are invested in H.I.T. along with many other trades and union pensions and this trust fund invests in development. Any project using H.I.T. funds must be 100% union. No need for a project labor agreement. The all-union requirement is baked in the cake of the development. So, a glazier gets to work on a project earning union wages and re-investing pensions and the pension gets a return on a union-built project and the glazier has increased the health of pensions. I had the opportunity to attend a small groundbreaking of 99 Ocean, which is one of three projects that is being developed and built in San Francisco. Union representatives of the San Francisco Building and Construction Trades, our elected City Supervisor for District 11 Ahsha Safai, representatives of H.I.T. and the Developer celebrated this groundbreaking. I look forward to the next two projects popping up soon. If you are interested in more info, follow this link: https://www.aflcio-hit.com/

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