December 1, 2015
By Steven Wishnia and Neal Tepel
The city of Detroit and the AFL-CIO’s Housing Investment Trust announced plans Nov. 23 to repair up to 300 vacant houses, with the threefold aim of stabilizing neighborhoods, creating about 300 union jobs, and giving residents apprenticeships in the building trades.
The Detroit Land Bank Authority will transfer the houses to the trust, which will sell them once they’re fixed up. The trust will invest up to $30 million from union pension funds in its Detroit Neighborhood Home Repair Program, and the city and the federation will split the profits or losses on each house, Mayor Mike Duggan said. “We are trying things that haven’t been done before,” he added.
We’re going to work out an arrangement where we share the upside and the downside, depending on how the costs work out.” “Union workers using union pension money to rebuild homes for working families is the right formula for rebuilding Detroit,” AFL-CIO President Richard Trumka said in a statement. Read more