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HIT Honors Construction Workers Building Mixed-Income Housing in Bridgeport's West End

9/28/2017

Bridgeport, CT – The AFL-CIO Housing Investment Trust (HIT) hosted a worker appreciation lunch at the construction site of the Cherry Street Lofts in Bridgeport, CT. Union workers are building a new 157-unit, $54.4 million apartment building, which the HIT is helping to finance with its $35.0 million investment of union capital. Bridgeport Mayor Joseph Ganim, along with city officials, labor leaders, HIT staff, and others, honored union construction and trade workers transforming the once dilapidated industrial site into mixed-income housing that will see most units priced for working families. Eighty percent, or 126 apartments, will be affordable to residents making less than 60% of the area median income.

"I want to thank our workers, and everyone who has been involved in this incredible effort to make this project come to life. It would have been easy to give up. But this team stuck with it, and now these workers are building a cornerstone for this area that can attract other development and help revive the city."

- Gary Flocco
Managing Partner
Corvus Capital Management

HIT Senior Investment Officer Andrew Nolen Pfeifer welcomed more than 100 guests, saying, “This project will be a testament to the union construction workers’ commitment to getting the job done right.”

The Cherry Street Lofts project is creating an estimated 235 union construction jobs.

“We are grateful to the AFL-CIO Housing Investment Trust for investing union pension capital to help finance this project which is benefiting the community and providing good jobs for our union construction and trade workers,” said Peter Carroll, President of Fairfield County Building and Construction Trades Council.

The HIT worked with the development team and the Connecticut Housing Finance Authority (CHFA) for years to bring these union built homes to market.