$90 Million Investment by AFL-CIO Increases Affordable Housing in Boston

The AFL-CIO Housing Investment Trust (HIT) is investing $90 million to create 338 affordable housing units for Boston's low-income elderly and handicapped residents. The project includes rehabilitating and preserving two apartment complexes which will provide affordable housing for low-income residents for the next 20 years.

The new housing units will be rehabilitated and brought up to code and include energy efficient elements as well as accessibility features for elderly and handicapped residents. By purchasing MassHousing bonds and notes that will refinance existing debt, HIT is able to complete the housing units and keep them affordable.

The AFL-CIO Housing Investment Trust (HIT) is an investment company that manages assets for more than 350 investors. They promote affordable housing efforts and have invested more than $6.4 billion to construct over 102,000 affordable housing units nationwide, of which $287 million has gone toward building over 2,600 affordable housing units in Massachusetts.

MassHousing is a public non-profit organization that sells bonds to finance affordable housing projects and has provided more than $13 billion in financing for home buyers and homeowners, and for developers and owners of affordable rental housing.

For more information,visit www.aflcio-hit.com/wmspage.cfm?parm1=885