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Union Fund Commits $250M to Rental Housing

CHICAGO-The AFL-CIO's Housing Investment Trust is targeting its latest investment with the Illinois Housing Development Authority on projects that will build or rehab affordable rental units.

By Mark Ruda | Updated on May 23, 2005

CHICAGO-The AFL-CIO’s Housing Investment Trust has agreed to put $250 million into Illinois Housing Development Authority securities that will finance construction or rehab of affordable rental units. The union’s $250-million investment will be targeted to very-low-income households, low-income senior citizens, low-income disabled residents, low- and moderate-income households hoping to reduce commutes, residents at risk of homelessness and residents of affordable housing that may become unaffordable.

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.

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