The AFL-CIO Housing Investment Trust (HIT) was in Western New York for a roundtable discussion focusing on Buffalo's development and workforce development needs. The roundtable was hosted by Erie County Community College President, Jack Quinn who also serves as Vice Chair of AFL-CIO Housing Investment Trust. Quinn was joined by Ted Chandler, COO & Managing Director of MidWest@Work Investment Strategy at HIT and Congressman Brian Higgins (NY-26).
The roundtable discussion brought together public officials, private sector and non-profit leaders to discuss the need for development capital to fuel community development in Buffalo; the group also explored opportunities for workforce development.
"The AFL-CIO Housing Investment Trust has a track record of accomplishment in Buffalo as demonstrated by their involvement with the new Roswell Park Clinical Sciences Center," said Congressman Higgins, a Member of the House Ways and Means Committee. "We appreciate their interest in continuing a dialogue about the needs of the Buffalo community with those who are working to build on the City's renaissance."
Building America Community Development Entity (CDE), Inc., a HIT affiliate, provided $9.2 million in tax credits towards the $46.3 million Clinical Sciences Center at Roswell Park Cancer Institute.
"We are proud of Building America's investment in Roswell Park Cancer Institute," said Chandler. "This Roundtable is an important next step in the HIT learning the priorities of the Buffalo development community, and using our investment capabilities to help fill the void, create jobs and increase economic development and affordable housing."
The AFL-CIO Housing Investment Trust (HIT) is a $5.8 billion fixed-income investment company that, with its affiliates, invests in housing and economic development projects using all union labor. The HIT is also one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a record that demonstrates the added value derived from union-friendly investments.
The HIT recently launched a $1.2 billion Midwest@Work initiative to spur economic development, build and renovate housing and increase union jobs in nine cities, including Buffalo. HIT's new economic development fund, discussed at the Roundtable, will be providing early stage financing and bridge financing to help projects get off the ground.