AFL-CIO Provides $90M for Rehab of Boston Affordable Housing
- Jul 31, 2012
The disparity between supply and demand in affordable housing remains vast across the country, but the AFL-CIO Housing Investment Trust is doing its part to help close the gap. The fixed-income investment company has been on a roll lately, most recently providing $90 million toward the rehabilitation and preservation of 338 residential units at two low-income housing properties in Boston.
The two rental communities, Blackstone Apartments and Franklin Square House Apartments (pictured above), are part of a $168 million portfolio sale of affordable housing developments by MassHousing. The AFL-CIO HIT’s investment came in the form of the acquisition of MassHousing bonds and notes, and will allow the doors of the apartment properties, which house elderly and handicapped residents, to remain open for an additional 20 years.
“The AFL-CIO’s HIT has been an important partner with MassHousing in providing significant sources of financing for several major affordable housing projects now under construction and for the preservation of hundreds of affordable units in the City of Boston,’’ Thomas R. Gleason, executive director of MassHousing, told CPE. “The AFL-CIO HIT is not only committed to helping provide working families with quality, affordable homes in which to live, but also in creating union jobs which strengthen the economy of Massachusetts.”
POAH L.L.C., an affiliate of Preservation of Affordable Housing Inc. is spearheading the $148 million renovation. CWC Builders Inc. is serving as the general contractor.