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AFL-CIO Housing Investment Trust Forms Relationship with Lend Lease Mortgage Capital, Fannie Mae

Wednesday, July 25, 2001 - 1:45AM

The AFL-CIO Housing Investment Trust (HIT) is forming a new national housing production relationship with Lend Lease Mortgage Capital and Fannie Mae designed to leverage $1 billion of investment capital to finance the production of between 5,000 and 7,000 rental units in major cities across the country. The initiative will target 30 percent of these units to low- and moderate-income households. HIT, as it corresponds to Lend Lease, plans to invest more than $750 million in the production program over the next five years. In the last decade HIT worked through the Fannie Mae DUS program to create 4,000 units in 24 projects with total development costs of over $500 million and HIT investment of $205 million. Approximately 85 percent of these projects were constructed for low-income households using low-income housing tax credits and other public subsidies. For more on HIT click here.

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