The AFL-CIO Housing Investment Trust (HIT) will finance a Cleveland-area affordable housing project for senior citizens.

HIT will provide approximately $6.6 million of the $12.6 million needed for the substantial rehabilitation of the Pinzone Towers Apartments project, located in Rocky River, a suburb west of Cleveland.

Originally constructed in 1983, the Pinzone Towers offer 100 units of affordable housing for seniors.

It is owned by CBT Development Inc., an affiliate of the Cleveland Building and Construction Trades Council.

The project will be built with all union labor since CBT is the owner and the HIT is funding. It is expected to create about 50 construction jobs.

“This is a complete renovation of 99 one-bedroom apartments and one two-bedroom unit,” said Cleveland Building and Construction Trades Council Executive Secretary Dave Wondolowski. “The building was constructed in 1984 and although it has been meticulously maintained, it was due for a full renovation and updating.”

Senior citizens who have been designated low-income status according to the U.S. Department of Housing and Urban Development are eligible to live in the apartments.

As part of its Midwest@Work Initiative, Ohio is a key market for the HIT. Pinzone is HIT’s 23rd investment in the Buckeye State.

“Investor confidence in the Northeast Ohio market and especially Cleveland is extremely high now,” Wondolowski said. “Investors see great potential and profitability and are taking full advantage of that. As this continues, we will continue to benefit from all of the jobs they are creating.”

By investing in this project, HIT is investing in union labor, which ultimately means it is investing in itself. The work will create jobs for members of the building trades, who will pay into pensions and other retirement funds. As a result, those pension and funds invest their money in HIT.

“Projects like these are vital because they not only create jobs ,but also lead to solid returns for our pension funds,” said Wondolowski. “On top of that, we actually own the building so it’s really a win-win-win.”