AFL-CIO Trust Preserves Affordability at Big Six Towers Development in Queens With $7.8 Million

[Omaha Steve]

http://www.foxbusiness.com/story/afl-cio-housing-investment-trust-preserves-affordability-big-towers-development/

Friday, July 25, 2008

NEW YORK, July 25, 2008 /PRNewswire-USNewswire via COMTEX/ ----The AFL-CIO Housing Investment Trust (HIT: 71.80, -0.34, -0.47%) has committed to invest $7.8 million in Big Six Towers, a cooperative housing complex in Queens with long ties to the labor movement. The investment will allow the complex to remain affordable for middle-class working families and retirees.

In 1961, the New York Typographical Union, Local 6, developed the Big Six Towers, and approximately one-third of the residents are active or retired union members. Big Six Towers participates in New York's Mitchell-Lama program, which provides affordable rental and co-op housing for middle-income families.

"We are pleased to make an investment that will keep Big Six Towers affordable to working families and retirees," said Carol Nixon, Director of HIT's New York City office. "It is crucial that our cities continue to have adequate housing for working people. The HIT has made that one of our highest priorities."

Located in Woodside, Queens, and named after Local 6, the Big Six Towers complex has 983 units in seven residential towers. It also has a shopping center and its own electric power plant. The staff of the cooperative is represented by Service Employees International Union Local 32 BJ.

In making the investment, the HIT is responding to the housing needs of union members and other working families in New York. Since 2002, HIT's New York City Community Investment Initiative has invested over $333 million in New York City. The Big Six Towers investment was in the form of taxable bonds that the HIT purchased from the New York City Housing Development Corporation.

Big Six Towers is one of several union-sponsored housing developments in New York City where HIT financing has helped to preserve affordability for middle-income residents. In the past six years, the HIT has provided $84.3 million in financing for five union-developed rental and co-op projects. These projects were originally built 40 to 50 years ago as part of a union-led movement to develop housing affordable to working people in New York City.

FULL story at link.