WASHINGTON, June 29, 2017 /PRNewswire-USNewswire/ -- District of Columbia Mayor Muriel Bowser today joined the AFL-CIO Housing Investment Trust (HIT), developers, and city officials at an event honoring the construction workers building Portner Flats, an affordable housing development located in the popular U Street Corridor in Northwest. The AFL-CIO Housing Investment Trust (HIT) is a $6 billion fund that invests union pension capital into union-built affordable housing. The HIT is purchasing $24 million in construction securities to build the project.
Portner Flats is an eight-story, 96-unit, 100% affordable housing development built on the former site of Portner Place, a dilapidated 48-unit Section 8 housing development at 1440 V Street NW. The development team, which is a partnership between Somerset Development, the Jonathan Rose Companies, and New Community Partners, began engaging with families–of Portner Place in 2008 in order to create housing that met the needs of the current residents.
"This project is an example of what public-private partnerships can produce when everyone works together to strengthen our community," said Mayor Bowser, noting that the D.C. Housing Finance Agency and the D.C. Department of Housing and Community Development aided in the financing and acquisition of the property to launch the project. The District also rezoned the site for increased density, enabling the project to tap into the market strength of the neighborhood in order to preserve the existing affordable housing and double the total the number of affordable units.
"We thank the AFL-CIO Housing Investment Trust, the development team and the construction workers for their commitment to creating safe and affordable housing for Washingtonians in every neighborhood," the Mayor continued.
Eric Price, Executive Vice President at the HIT and former DC Deputy Mayor of Economic Development under Mayor Anthony Williams, said, "We believe that finding new, creative ways to finance affordable housing is key to expanding the supply of quality affordable housing in urban areas. But it also takes committed, savvy city leaders. The HIT applauds Mayor Bowser and her team for supporting this development, as well as the construction workers who are making this project a reality. Their hard work is paving the way for families to have desirable, affordable housing."
Portner Flats is consistent with the District's priorities for preserving and expanding affordable housing with access to mass-transit. Portner Flats will also offer residents computer training, after-school and senior programs, and job training.
"I applaud the men and women of the building trades who are building quality, affordable housing in one of the District's most expensive neighborhoods" said Brent Booker, who is Secretary Treasurer of North America's Building Trades Unions. North America's Building Trades Unions represent millions of skilled union construction workers across the country and advocates for living wages and benefits for all of its members.
In March of 2018, families will move into these 96 new, units and their children will have access to after school programming and a playground funded by the developer.
"It has been a privilege to work with the residents of Portner Place to create housing that is responsive to their needs," said Jim Campbell, founding principal at Somerset Development. "We hope it will serve as a model for maintaining diversity and increasing the quality of life in other high cost areas."
The event, which included lunch for 120 construction workers, was also attended by Todd Lee, Executive Director of D.C. Housing Finance Agency, and Polly Donaldson, Director of D.C. Department of Housing and Community Development.
The AFL-CIO Housing Investment Trust (HIT) is a fixed-income investment company registered with the Securities and Exchange Commission. It manages $6 billion in assets for some 390 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 track record of over 30 years 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 $10.5 billion (in 2016 dollars) and, together with its affiliate Building America CDE, has financed more than105,000 units of housing nationwide, generating more than 77,500 union construction jobs. More information is available on the HIT's website, www.aflcio-hit.com.
Michael K. Frisby 202-625-4328 (email@example.com)
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SOURCE AFL-CIO Housing Investment Trust