Energy efficient windows, siding, insulation, appliances, and heating systems are coming to Georgetowne Homes in Boston’s Hyde Park neighborhood. The AFL-CIO Housing Investment Trust’s (HIT’s) Green Jobs Initiative is putting $115 million into the $325 million project to fix up 967 apartments and preserve the property’s Sec. 8 rental subsidy contract.
The investment in Beacon Communities’ Georgetowne Homes puts the HIT’s Green Jobs Initiative over the $1.1 billion mark. “Our green jobs investments are helping maintain the viability of the country’s aging affordable housing stock while creating new energy-efficient housing for the future,” says Ted Chandler, COO for HIT.
Since 2005, the Green Jobs Initiative has contributed funding to 41 residential properties, creating more than 10,000 union construction jobs. Of those, 24 properties reserve all of their housing for residents earning low or moderate incomes, and many more keep a portion of their housing units affordable—that includes 17 green retrofit projects like Georgetowne, five new affordable housing communities designed to meet Leadership in Energy and Environmental Design standards, and two residential projects financed with New Markets Tax Credits through HIT subsidiary, Building America Community Development Entity.