June 26 - New
York City Central Labor Council President Brian McLaughlin
announced a partnership with AFL-CIO President John Sweeney
to launch the National Apartment Initiative, a $400 million,
4000 apartment investment in major cities across the United
States.
The initiative is part of
the AFL-CIO Building Investment Trust, a $1.5 billion fund
that has invested Taft-Hartley and public employee pension
plan monies in institutional quality real estate for over 15
years.
These investments will
generate up to $1 billion in investment activity by
supporting up to thirty multiple dwelling projects in the
next three years. The program offers financing for
development and redevelopment of multifamily rental
projects. The first of these projects will take place
here in New York City with the construction of a 388-unit
rental apartment complex in Kew Garden Hills. |
