The Building and Constructions Trades Council (BCTC) and Cirrus Real Estate Partners are joining forces with New York City in a public-private partnership to launch a $500M fund to build new affordable workforce housing in NYC.
BCTC, an umbrella organization representing more than 100,000 buildings trades workers, has made an initial pledge of $100M from a pool of union pension funds. Cirrus, an NYC-based investment firm with a portfolio encompassing an estimated $150B of commercial real estate loans, has pledged to raise more than $400M for the initiative.
The fund, which seeks to build new affordable and workforce housing using unionized labor, is the first of its type in the nation, according to Mayor Eric Adams.
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