The AFL-CIO Housing Investment Trust (HIT) announced today that it is providing $11 million to fund the substantial rehabilitation of the Hazel Winthrop Apartments and the Bronzeville Senior Apartments, two important affordable housing resources for Chicago residents. Work on the two aging housing developments is expected to generate approximately 150 union construction jobs.
“At a time when low-income families are struggling more than ever to make ends meet, there has been a drastic reduction in the development of affordable housing,” said HIT Executive Vice President and Chief Investment Officer Stephanie H. Wiggins. “By providing financing for older projects like the Hazel Winthrop Apartments and Bronzeville Senior Apartments, the HIT is utilizing union pension capital to help preserve and upgrade much-needed affordable units that might otherwise be lost.”
The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company registered with the Securities and Exchange Commission. It manages $4.4 billion in assets for more than 350 investors, which include union and public employee pension plans.