Building America draws on the strength of its parent company, the AFL-CIO Housing Investment Trust (HIT), with more than 30 years of community development investment experience, deploying over $10B in investment capital in projects (current dollars) to finance over 100,000 units of housing while creating more than 74,300 union construction jobs. The HIT's mission was an outgrowth of a dialogue between Dr. King and AFL-CIO President, George Meany, who worked together to create economic empowerment and opportunity.
Building America CDE, Inc.’s (Building America) mission is to bring jobs and services to severely distressed communities as it works towards solving endemic problems of poverty and lack of access to training and job opportunities. Building America uses New Markets Tax Credits to:
- Quality Jobs. Provide quality, accessible construction and permanent jobs for low-income people.
- 100% Union. Ensure that all construction work is carried out by union workers, assuring pay and benefits substantially above area living wage levels – even for entry-level apprentices.
- Jobs for Low Income Residents. Work with project sponsors to meet or exceed the goal of at least 20% of all construction and permanent workers being low-income community residents.
- Job Training and Access. Link to union construction and high quality permanent jobs, with access to pre-apprenticeship and job training programs to put low-income community residents on a career path paying wages beyond the living wage.
- Revitalize Neighborhoods. Bridge the gap to help finance projects that revitalize neighborhoods and act as catalysts for additional development in low-income communities.
Building America serves a national service area. In high cost markets in Building America’s key states, land costs are rising, housing is becoming unaffordable and low income community residents are being forced to leave neighborhoods that they have called home for generations.
Paying low-income community residents livable wages allows families to remain in their evolving communities, reduces financial burdens and reverses the cycle of poverty by promoting wealth creation and family stability.