ST. LOUIS, Sept. 12, 2013 /PRNewswire-USNewswire/ -- The AFL-CIO Housing Investment Trust's (HIT) HITWIRE today released a story noting that over the last four years, the HIT has invested more than $187 million of union pension capital in St. Louis area projects that have leveraged $377 million of development, created or preserved more than 1,340 units of housing, and generated approximately 2,630 union jobs.
In the story, Jeff Aboussie, executive secretary-treasurer of the St. Louis Building and Construction Trades Council, says that the HIT "provided an excellent tool to fund projects that may have not gotten funded due to the industry tightening up the reins in the past few years. The HIT has definitely gotten projects off the ground and created man-hours for the workers."
The story, like others on the HITWIRE (www.aflciohitwire.com), is available to be republished by media outlets and websites free of charge.
The story notes that the HIT's investments in St. Louis have helped construction workers stay gainfully employed, spurred revitalization of the city's downtown, and even provided housing for vulnerable groups, such as the elderly.
Steve Smith – CEO of the Lawrence Group, developer of the Park Pacific building in downtown St. Louis – said that the opportunity to secure financing at the height of the real estate and credit crisis "was really significant….It was great that the HIT was able to step up and be involved in this project. And they've also been a great supporter and a great partner. We've had people from the HIT come to St. Louis numerous times; both during the pre-closing and the construction phase, they were here. I think it's nice that the lender on the project also played a part in seeing its progress."
HITWIRE documents the stories of union men and women helping to revive communities across the nation. It also tells the stories of communities and residents whose quality of life has been enhanced by projects built with union pension funds and union labor.
HITWIRE is produced by the AFL-CIO Housing Investment Trust, a $4.6 billion fixed-income investment company that has put the pension capital from union members to work in local communities for nearly 50 years. To learn more about the HIT, please visit www.aflcio-hit.com.
Michael K. Frisby
SOURCE AFL-CIO Housing Investment Trust