Community Economic Development Groups Meet to Discuss New Financing Option

Representatives from the Huntington Municipal Development Authority. Huntington Area Chamber of Commerce, Huntington Area Development Council, Wayne County Economic Development Authority and private developers met Friday, July 16 to learn about a Trust Fund that provides development loans to projects that utilize union employees. Tad Embry of PenTrust, delivered a presentation on the ERECT (Employee Real Estate Construction) Funds, which are private investment trusts developed with union pension funds.

In West Virginia, several labor organizations contribute to the fund including the Chemical Valley Pension Fund, Operating Engineers Local 132 Pension Fund (Charleston), Laborers District Council of WV, Iron Workers Locals 549 and 550 (Wheeling) and Iron Workers S. Ohio and Vicinity.

The ERECT Funds finance the construction of commercial projects that utilize 100% union labor and include office buildings, hotels, apartments, shopping centers, and industrial properties. The ERECT Funds provide debt and equity capital on competitive market-based terms while creating good jobs for union employees.

Back to Current News headlines