Senior Affordable Housing Apartments in Canton Receive $10 Million from AFL-CIO Housing Investment Trust
By Keith Loria, Contributing Writer
Canton, Ohio—The AFL-CIO Housing Investment Trust has agreed to invest $10 million in the rehabilitation of the 144-unit Mayfield Manor Apartments, a senior affordable housing community in Canton, Ohio.
Overall, the project will cost $14 million and is designed to keep the units affordable for current residents at the senior citizen facility for the next 20 years.
“All of Mayfield Manor’s units will receive project-based Section 8 rental assistance,” Chris Shaw, HIT’s investment officer, tells MHN. “This is a great example of the HIT financing energy-saving retrofits to help reduce operating costs and keep housing affordable.”
The rehabilitation will include repairs and major upgrades to both the exterior and interior of the six-story building, including improvements to reduce the building’s energy consumption.
“We will be adding energy efficient windows and doors, low-flow plumbing fixtures, and more efficient heating systems,” Shaw says. “The energy retrofits financed through this initiative support the AFL-CIO’s broader commitment to create construction jobs while conserving energy and reducing buildings’ operating costs.”
The rehabilitation is expected to create 100 union construction jobs, a real lift to the community that has been hit hard by the economic slowdown.
“The American labor movement has a tradition of caring for retirees and seniors, and Mayfield Manor exemplifies this core value,” says Michael McElfresh, president, East Central Ohio Building and Construction Trades Council. “It is fitting that the work of preserving this housing will be carried out by union workers and financed by union pension capital invested by the HIT.”
Shaw says that HIT worked closely with AGM Financial Services on the financing package for the Canton property.
The Mayfield Manor Apartments were originally developed by the National Steelworkers Oldtimers Community Urban Redevelopment Company of Canton Inc. to provide low-income seniors with access to affordable housing. Since 1982, the property has been managed by the Elderly Housing Development & Operations Corporation.
“With our long history of serving union retirees and other seniors, EHDOC is pleased to have the HIT as our partner in maintaining the quality and affordability of housing at Mayfield Manor,” said Steve Protulis, EHDOC’s executive director and executive vice president.
The investments of more than $1 billion under the national Construction Jobs Initiative in the past three years by the HIT and its subsidiary, Building America CDE, have leveraged $2.3 billion of development across the country and generated more than 13,000 union construction jobs.
Overall, HIT has invested $287 million in Ohio in the past four decades, creating or preserving more than 6,900 housing units and generating over 3,600 jobs.Tags: affordable housing, Financing