Hey this is some goods news for a change…
The AFL-CIO plans to invest $700 million in housing and other projects to help rebuild this city left staggered by housing shortages and other infrastructure problems after Hurricane Katrina.
The money will come from the union federation’s pension fund and its lenders — investments that should make money for the fund while aiding a city left hobbled by the enormous disaster, said AFL-CIO president John Sweeney in an interview Tuesday. It also will create union jobs in a region with an enormous number of construction projects.
The union planned to officially announce the investment at a news conference Wednesday.
“I was horrified that so little has been done,” said Sweeney, who last visited New Orleans about a month ago and saw tracts of housing left in ruin since Katrina struck Aug. 29.
“It feels like it’s the city that America forgot.”
The investment plan includes $250 million in financing for housing construction over the next seven years, with more than 5,000 rental units expected to be built. Another $100 million will be equity investments for commercial real estate and revitalization projects.
(h/t to slim at no fish no nuts)