New York Construction Report staff writer
The Building and Construction Trades Council of Greater New York (BCTC) and Vicinity and Cirrus Workforce Housing Advisors this week announced a first-of-its-kind partnership to build workforce housing designed for essential workers in New York City.
Pension funds affiliated with BCTC members and other building trades unions, along with Cirrus, have pledged over $100 million in the initial fundraising stage to invest in a series of multi-family workforce housing development and redevelopment projects. Cirrus anticipates raising over $400 million for this initiative, demonstrating a significant commitment to alleviating the housing shortage in New York City.
Also, the City of New York has signed a historic memorandum of understanding with BCTC and Cirrus. This agreement underscores the collaboration between government, labor, and private enterprise to address the pressing issue of undersupply facing New York City.
“The Building and Construction Trades Council of Greater New York and Vicinity is proud to be part of this historic partnership with the City of New York and Cirrus,” BCTC president Gary LaBarbera said in a statement. “This partnership will lead to the development of affordable workforce housing under negotiated Project Labor Agreements that will create family sustaining union careers for New Yorkers.
“We believe that the union funds investing in this program have demonstrated tremendous vision and we look forward to building the housing supply for the city’s working class.”Mayor Adams emphasized the importance of the partnership in creating affordable housing for hardworking New Yorkers.”
The new agreement outlines opportunities to create more affordable housing, including, as appropriate, by partnering on mixed-income housing projects with the New York City Department of Housing Preservation and Development; helping to accelerate qualified projects by enrolling them in the Adams administration’s Housing-at-Risk Task Force; exploring opportunities for financing and development through partner entities, such as the New York City Housing Development Corporation and the New York City Economic Development Corporation; and leveraging city-owned properties to create affordable housing, among other areas.
The agreement outlines opportunities to create more affordable housing, including partnering on mixed-income housing projects with the New York City Department of Housing Preservation and Development, exploring financing and development through partner entities, and leveraging city-owned properties to create affordable housing.
“As the blue-collar mayor of America’s biggest union town, I have been clear that our mission is to create good-paying jobs and make our city more livable for hardworking New Yorkers,” saidMayor Adams. “This first-of-its-kind agreement will help build housing that is affordable for the New Yorkers who have built our city and help New York City lead on the affordable housing crisis facing our nation.”
