80
SHREWBURY, MO. — The AFL-CIO Housing Investment Trust (HIT) has arranged $6.6 million in union pension capital to renovate the Holy Infant Apartments and the St. Joseph Apartments, two affordable housing complexes in Shrewbury, located in St. Louis County. The $13 million project by HIT will convert most of the existing apartments into one-bedroom units as well as renovate kitchens as bathrooms. Residents of the complexes are at least 62 years old and have household incomes at or below 50 percent of the area median income. HIT purchased $6.6 million in tax-exempt bonds issued by the Industrial Development Authority for St. Louis County and insured by Ginnie Mae securities to help finance the project.