Bronx, New York – The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $98 million new construction of the Betances Senior development in the Bronx, NY.
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.
“When building trades’ pension capital is used to finance 100% union built development 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”, said Gary LaBarbera, President Building and Construction Trades Council of Greater New York.