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HIT Invests $60.4 Million in West Town Housing Preservation in Chicago

8/2/2017
West Town Housing Preservation

The AFL-CIO Housing Investment Trust (HIT) has announced its commitment to provide $60.4 million of pension capital funding for permanent financing and substantial rehabilitation to West Town Housing Preservation, a housing network of 318 units across 68 properties. The $121 million project is expected to generate approximately 542 union construction jobs.

The buildings making up West Town Housing Preservation are located in the West Town community area which encompasses the neighborhoods of East Humboldt Park, Wicker Park, Noble Square, and Logan Square.

“I applaud the AFL-CIO Housing Investment Trust for their continued commitment to investing in Chicago's neighborhoods. Investing in projects like the West Town Housing Preservation shows the deep commitment the Housing Investment Trust has made to revitalize housing options within urban centers across the country. By providing additional affordable housing and fully utilizing union labor, this investment is a win everyone; for the members and retirees, the local community and working families alike."

- Chicago City Treasurer Kurt Summers

All West Town units participate in Section 8 rental assistance and long-term Housing Assistance Payment contracts and will remain affordable for current residents after the rehabilitation. The nearby Northwest side of Chicago has seen some of the city’s highest rates of property appreciation over the past several decades. The growing popularity of this area is due to proximity and easy access to the city’s central business district, accessible via Blue Line, and the many restaurants, bars, and other entertainment venues that have opened up throughout these neighborhoods. The location of West Town Housing, with easy access to downtown jobs and other amenities, makes it especially appealing to Section 8 recipients.

The project contains 19 one-bedroom units, 60 two-bedroom units, 82 three-bedroom units, and 148 townhouse units with three or more bedrooms. Rehabilitation to these units will include replacing roofs and deficient windows, upgrades to HVAC systems, new hot water heaters, repairing or replacing floors, and new bathroom fixtures.

In keeping with the HIT’s labor requirements, the project will be constructed with 100% union labor.

The HIT has invested over $533 million in Chicago and the Chicago metro area over the last 33 years, building or preserving nearly 11,800 units of housing in 45 projects and generating approximately 7,215 jobs for members of the local building and construction trades unions.