The National AFL-CIO Housing Investment Trust Announces It Is Investing $52 Million In The Bronx Betances Senior Apartments Complex
Greater NYC Building Trades President Gary LaBarbera: “When Trades’ Pension Capital Is Used To Finance 100% Union-Built Developments In New York City, Our Pension Funds Get Stronger - And (When It) Also Addresses The City’s Massive Need For Affordabl
(BRONX, NEW YORK) – The National AFL-CIO Housing Investment Trust (HIT) is helping finance the $98 million new construction of the Betances Senior Development in the Bronx.
“When Building Trades’ Pension Capital is used to finance 100% Union-built developments in New York City, our pension funds get stronger. When the project also addresses the City’s massive need for affordable housing, ‘it is a win-win,’” Greater New York Building & Construction Trades Council President Gary LaBarbera said.
The eight-story project will create 152 new units of housing exclusively reserved for seniors with incomes up to 50% of the Area Median Income. There is no minimum income to qualify.
Forty-seven of the units will be for homeless seniors.
Betances Senior Apartments will rely on an energy efficiency system to drastically reduce heating and cooling requirements.
The development is located in the Mott Haven neighborhood of the Bronx in New York City.
The project is being developed by Breaking Ground, New York’s largest developer of supportive housing. Breaking Ground operates nearly 4,000 units of housing across New York City, along with housing in Upstate New York and in the State of Connecticut.
The HIT purchased $52.0 million of tax-exempt, fixed rate bonds issued by the New York City Housing Development Corporation (HDC) as part of their 2019 Series E Revenue Bonds.
The majority of the proceeds of which will be used to fund the Project.
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