FLINT, Mich. – A union-owned asset manager, Union Labor Life Insurance Co., has committed to bringing $25 million in low-cost loans to help remove lead pipes in an effort to move toward clean water for Flint citizens, Mayor Karen Weaver announced Sunday.
The project, put together by the American Federation of Teachers and ULLICO, will help Weaver to move forward on her Fast Start initiative to remove all lead-tainted pipes from Flint homes.
Recommended Videos
“The people of Flint have been waiting for action to remove lead-tainted lines,” Weaver said. “On March 4, I was pleased that we pulled and replaced the first lead line. This investment from union pension funds means that we can move forward to remove more lead lines and renew Flint’s infrastructure. I am very grateful to ULLICO and AFT for putting this idea crafted at the Clinton Global Initiative into action in our community.”
AFT has worked closed with ULLICO and Flint to accelerate the pipe replacement. ULLICO is currently working on a financial package to provide Flint with gap financing to scale up the $55 million Fast Start plan to replace the pipes.