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HIT Celebrates Grand Re-Opening Of Senior Housing At Chicago's Kenmore Plaza Apartments

8/15/2017

Chicago, IL - The AFL-CIO Housing Investment Trust (HIT) celebrated the extensive rehabilitation and grand re-opening of the 28-story, 324-unit Kenmore Plaza Apartments. The $61 million rehabilitation of Kenmore Plaza will provide affordable housing exclusively for seniors. Additions made during the building’s re-construction include upgrades to current residential units and common spaces. The property also staffs a management team that works with seniors to ensure they are living a quality lifestyle.

The re-opening ceremony was attended by Lesyllee White, HIT's Managing Director of Marketing and Chang Suh, HIT's Chief Portfolio Manager as well as Congresswoman Jan Schakowsky, Eugene Jones, Jr., CEO of the Chicago Housing Authority, representatives from the developer, The Habitat Company, and general contractor, Madison Construction. There were also many residents in attendance celebrating the improvements to their homes.

“The investment the AFL-CIO Housing Investment Trust made in the rehabilitation of Kenmore Plaza is very special,” said Kenmore resident Carolynn Ediger. “What really blows me away is that [HIT] has invested union pension funds in senior public housing. This investment allows former union labor workers such as truck drivers, construction workers, police officers, nurses, teachers to live in safe, clean and easy to maintain affordable housing with their limited retirement funds.”

Over three decades, the HIT has invested $647 million in 41 projects that have total development investments of more than $1.3 billion in Chicago. These projects have preserved 10,211 housing units, two thirds of which are affordable to working families, and generated an estimated 6,900 union construction jobs. Total economic benefit to the area is estimated at more than $2 billion.**

"Chicago has been an important target for investments for the HIT," Lesyllee White said. "We are committed to addressing the affordable and community development needs of working families in the Chicago area by financing low-and moderate-income housing."

*For more information on Kenmore Plaza Apartments grand re-opening please visit www.prnewswire.com/news-releases/afl-cio-hit-celebrates-grand-re-opening-of-senior-housing-at-chicagos-kenmore-plaza-apartments-300502090.html


**In 2016 dollars. Economic impacts are estimates calculated using an IMPLAN model based on HIT project data.