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Dec
2013
19

Union Investment Trust Celebrates 40th Chicago Project with Low-Income Housing Construction

Rendering of Montclare Senior Residences

Rendering of Montclare Senior Residences



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The AFL-CIO’s Housing Investment Trust (HIT) has announced that it will provide $2.6 million in financing for the $22 million expansion of Montclare Senior Residences in Chicago’s South Side.  This phase of the project will create 150 jobs for union construction workers.  

Over the past 40 years, HIT has invested $400 million in projects in the Chicago area, creating or renovating over 9,300 units of which 70 percent house residents with low incomes.

Montclare Senior Residences of Avalon Park is located in Chicago’s Avalon Park neighborhood on the city’s South Side, an area that continues to have a strong demand for affordable senior housing. Of the total 122 units, 109 units will be reserved for residents earning between 15% and 60% of the area median income.  In addition, 38 of these units will remain affordable through a long-term HUD Housing Assistance Payments contract that preserves the affordability component of the units for 20 years. Project amenities include a community room, library, health screening and exercise rooms, laundry, outdoor recreational areas, and social services and meals coordinated through the City of Chicago Department of Aging.

“Safe and comfortable senior housing is an essential component of the city’s affordable housing agenda,” said Chicago Mayor Rahm Emanuel, when he asked the City Council to support the city’s financing plan for Montclare earlier this year.  “These measures support these goals.”

All work on the Montclare Residences will be done under a collective bargaining agreement, something that is required for HIT funding to come into play.  Tom Villanova, President of the Chicago and Cook County Building and Construction Trades Council, sang HIT’s praises. He described the investment trust’s impact on the union workforce:

“When the HIT is involved in a project, union workers are on the job everyday practicing their trade and earning a family-supporting wage, and our members appreciate that.  They appreciate that the HIT is investing their pension capital in sound investments that also create union jobs and help the community provide decent affordable housing for all its residents.”

This was the 40th HIT project in the region.

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