AFL-CIO, Chicago Launch AH, CD Initiative

AFL-CIO and the city of Chicago have launched a $750 million initiative designed to generate affordable housing and boost economic development in the area over the next five years.The new Chicago Community Investment Plan will be operated in conjunction with the AFL-CIO Investment Program, which consists of the Housing Investment Trust and Building Investment Trust initiatives. Jointly, the funding is expected to leverage over $1 billion in total investments in the Chicago projects. Chicago Mayor Richard Daley said the new investment plan is compatible with his $19 billion affordable housing agenda, which aims to create, preserve, and assist 48,000 housing units in Chicago by 2008. "Labor has stepped up to the plate in a big way for our wonderful city," he said.