By Nick Gilbert
US based AFL-CIO Housing Investment Trust will invest $4.2 million for the rehabilitation and upgrading of affordable housing at Yorkdale Terrace Townhomes, Edina, Minnesota.
The work on this housing project is expected to generate 135 construction jobs. The total project cost is $17.2 million which will be used to make repairs to the interiors and exteriors in eight townhouse buildings containing a total of 90 residential units.
All the residences receive Section 8 project-based rental assistance. Apart from this a new standalone community building will also be set up to provide service program to the residents. All the upgrading and rehabilitation work will be carried out by the union labour. Renovation work includes the installation of retrofits that conserve energy as part of AFL-CIO’s commitment to save energy and create construction jobs. Financing is provided by the company through Rental Housing Bonds issued by Minnesota Housing Finance Agency and are exempted from tax. Yorkdale Terrace has been providing subsidised housing for families in that area for more than 30 years. The project is part of the properties developed by CommonBond Communities. HIT has invested more than $366 million for over 30 projects in Minnesota and creating more than 3,600 construction jobs in the process.