Rehabilitation of Steelworker-Developed Apartments to Create 100 Union Construction Jobs
CANTON, Ohio, June 11, 2012 /PRNewswire-USNewswire/ -- The AFL-CIO Housing Investment Trust (HIT) is investing $10 million towards a $14 million project to rehabilitate the Mayfield Manor Apartments in Canton, Ohio, and keep 144 units affordable for current residents at the senior citizen facility for 20 years. The project is expected to create 100 union construction jobs in an area hard-hit by the economic slowdown.
"The American labor movement has a tradition of caring for retirees and seniors, and Mayfield Manor exemplifies this core value," said Michael McElfresh, President, East Central Ohio Building and Construction Trades Council. "It is fitting that the work of preserving this housing will be carried out by union workers and financed by union pension capital invested by the HIT." Rehabilitation work on the six-story building will be done with 100% union labor.
"Mayfield Manor is an example of the HIT financing energy-saving retrofits to help reduce operating costs and keep housing affordable," said HIT Investment Officer Chris Shaw. The HIT worked closely with AGM Financial Services on the financing package for the project. All of the property's housing units receive project-based Section 8 rental assistance.
The scope of work includes exterior and interior repairs and upgrades as well as a number of improvements to reduce the building's energy consumption such as new energy efficient windows and doors, low-flow plumbing fixtures, and more efficient heating systems. Mayfield Manor Apartments is one of the latest projects financed under the HIT's Green Jobs Initiative. The energy retrofits financed through this initiative support the AFL-CIO's broader commitment to create construction jobs while conserving energy and reducing buildings' operating costs.
The Mayfield Manor Apartments were developed by the National Steelworkers Oldtimers Community Urban Redevelopment Company of Canton, Inc., in the early 1980s to help provide low-income seniors with access to affordable housing. Since its completion in 1982, the property has been managed by the Elderly Housing Development & Operations Corporation (EHDOC), one of the country's leading managers and advocates of quality, affordable senior housing.
"With our long history of serving union retirees and other seniors, EHDOC is pleased to have the HIT as our partner in maintaining the quality and affordability of housing at Mayfield Manor," said Steve Protulis, EHDOC's Executive Director and Executive Vice President.
The investment is part of the HIT's national Construction Jobs Initiative, through which the HIT has pledged to create 15,000 union construction jobs over a three-year period as its response to the country's jobs crisis. To date, investments by the HIT and its subsidiary, Building America CDE, of over $1 billion under this initiative have leveraged $2.3 billion of development across the country and generated more than 13,000 union construction jobs.
The project brings the HIT's total investments in Ohio to $287 million since inception more than four decades ago. These investments have created or preserved over 6,900 units of housing for Ohio residents and generated more than 3,640 jobs for members of the local building and construction trades unions.
About the HIT
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. The HIT invests primarily in government and agency insured and guaranteed multifamily mortgage-backed securities. The HIT is one of the earliest and most successful practitioners of socially responsible, economically targeted investing, with a 45-year track record that demonstrates the added value derived from union-friendly investments. The investment objective of the HIT is to provide competitive returns for its investors and to promote the collateral objectives of constructing affordable housing and generating employment for union members in the construction trades and related industries. Since its inception, the HIT has invested over $6.3 billion to finance more than 102,500 units of housing nationwide, generating over 70,000 union jobs. More information is available on the HIT's website, www.aflcio-hit.com.
Contact: Michael K. Frisby (202) 625-4328
SOURCE AFL-CIO Housing Investment Trust