A minimum of 20% of the mortgage loans created by the $250-million investment must be affordable to renters earning 80% of the area median income or less. Projects must use 100% union labor.
The AFL-CIO's Housing Investment Trust has helped finance Northtown Village, Jackson Park Terrace, The Parkways and Alexian Village in Chicago, as well as the Victory Centres in Calumet City and Melrose Park. The fund has 400 investors, and $3.6 billion in assets.
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