The AFL-CIO Housing Investment Trust (HIT) has declared its intentions to invest around $58.2 million of union pension capital in the building and development of new Charlesview Apartments in Boston.
The project that requires a total investment of $152 million will have around 240 housing units for low-cost rental. For the purpose of meeting the project finance, the company has associated with The Community Builders, a not for profit housing developer and the state housing financing agency, MassHousing.
The new Charlesview Apartments proposed to be constructed in the Brighton neighborhood of Boston will substitute an earlier housing development with the same name and placed two blocks away from the proposed construction location. The new construction will have 240 units, out of which 213 apartments will be earmarked for inexpensive housing. The proposed complex will include mid-rise apartments and townhouse buildings along with adequate parking space. It will have more than 23,000 square feet area exclusively kept aside for community usage and retail space.
On completion, out of 240 Charlesview units 221 will be earmarked for households that satisfy the criteria of Section 8 or Low Income Housing Tax Credit eligibility and the balance of 19 units will be kept exclusively for the present Charlesview residents without any barrier in their income level. The housing project will be completed by utilizing 100% union labor and will create around 860 construction jobs.
Source: http://www.aflcio-hit.com