Building Trades Unions Offer to Help Finance Development of Somerville’s Clarendon Hill including New Affordable Housing Units
Unions offer to facilitate investments of pension money to help solve funding question surrounding key Somerville project
SOMERVILLE, MA – The Building Trades Council of the Metropolitan District (MetroBTC), a consortium of building trades unions, through a group of affiliated pension funds, will bid to provide financing for the Clarendon Hill development project in Somerville, which includes a mix of affordable housing and market-rate condominium units. The unions are pledging investments from their pension funds.
MetroBTC’s unions have a long history of providing highly-skilled workers to deliver top-quality work on affordable housing projects. The unions also have an established track record of investing their own pension fund money into affordable housing projects in the region. Union financing is a common path for successful affordable housing projects locally and across the country.
MetroBTC union pension funds have been investing in affordable housing for 30 years — deploying union capital responsibly to deliver competitive returns while generating union construction jobs, affordable housing, and positive economic and fiscal impacts that benefit the communities where union members live and work.
Union-managed funds have invested in projects across our region that have built or preserved more than 109,762 housing units with two-thirds of those units, 66 percent, being affordable units. These projects have created nearly 30,000 union construction careers with training, fair wages, health care and retirement benefits.
“MetroBTC recognizes that union-built affordable housing is a sound investment,” MetroBTC General Agent Brian Doherty said. “We’re building the affordable housing our communities need, with the high-quality union labor our communities deserve.”
MetroBTC is proud to be part of the solution toward building more safe, secure housing options for families in our region. The unions also commit to simultaneously provide careers with family-sustaining wages, good benefits and a dignified retirement to the workers building these homes.
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About MetroBTC: The Building & Construction Trades Council of the Metropolitan District (MetroBTC) represents 35,000 working families in the Metropolitan Boston region. The building trades unions advance social and economic justice by providing family-supporting wages, healthcare benefits and dignified retirement benefits to workers and their families in the construction industry. The Building and Construction Trades Council (MetroBTC), an umbrella group of 20 local construction unions, in partnership with more than 3,300 union contractors, provides the highest standards for workers in the construction industry. The Council strives to create a more fair and just environment for all workers in the construction industry.