With Pension Money to Burn, AFL-CIO Housing Trust to Fund Housing Project

December 14th 2010 · 0 Comments

Apparently, the AFL-CIO doesn’t realize there’s a glut of real estate on the market. Well, it is their money…and they can waste it however they’d like. Nevertheless, one would think they’d at least try to get a discount from all of the union trades in exchange for giving their unemployed members something to build.

The AFL-CIO Housing Investment Trust (HIT) and Martin Building Company of San Francisco will announce the financing for Potrero Launch residences, a union-built project in the city’s Central Waterfront district. The $80.4 million project will bring affordable housing, child care, and commercial development to an area that Mayor Gavin Newsom has called a priority for the city as it seeks to promote a mix of housing and business activity in the city’s neighborhoods.

To help address the city’s shortage of affordable housing, 39 of the 196 rental units at Potrero Launch will be affordable to residents earning up to 30 percent of the area median income.

Let’s just hope that this project doesn’t the other union-funded, union-built apartment building. You know, the union-funded, union-built apartment tower that has to be torn down due to shoddy construction.

[You can read the rest of the AFL-CIO's press release @ PRNewswire.]

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