NEW YORK (Inman News Features) - AFL-CIO president John Sweeney joined New York City Mayor Michael Bloomberg and New York City labor representatives to announce a $750 million housing and community investment initiative for New York City. Sweeney outlined an investment commitment of labor pension capital to finance housing and commercial development in the city and provide homeownership opportunities.

"Labor is committed to New York," said Sweeney. "After the devastation of Sept. 11, we want to do something tangible for the economic recovery by putting workers' pension dollars to work for this great city."

Sweeney said the AFL-CIO investment program will finance affordable mortgages for union workers and municipal employees in partnership with Countrywide Home Loans. The investment program includes a housing investment trust, a building investment trust and an urban development fund.

Three New York City retirement system pension funds for city employees, teachers, and police officers have committed $120 million for investment into the housing program.