AFL-CIO Housing Investment Trust
07/15/2024 | Press release | Distributed by Public on 07/15/2024 13:55
Prospectus by Investment Company - Form 497
| Helping Build Minnesota-The Union Way |
The AFL-CIO Housing Investment Trust builds on 40 years of experience investing union capital responsibly to deliver competitive returns to its participants while generating union construction jobs, affordable housing, and economic and fiscal impacts that benefit the communities where union members live and work.
Economic and Fiscal Impacts of the HIT-Financed Projects in Minnesota
Since Inception in 1984
| 113 | $1.9B | $2.9B | 26.6M | 14,796 |
| Projects |
HIT Investment Amount |
Total Development Cost |
Hours of Union Construction Work |
Housing Units |
| $6.6B | 33,536 | $2.6B | $262.6M | 49.6% |
|
Total Economic Impact |
Total Jobs Across Industries |
Total Wages and Benefits |
State and Local Tax Revenue Generated |
Percent Affordable |
|
PROJECT PROFILE: LABOR RETREAT APARTMENTS The HIT provided $10.8 million in funding for the $19.4 million substantial rehabilitation of the 77-unit, all affordable, Labor Retreat Apartments project in Minneapolis which will create an estimated 47,750 hours of union construction work. |
PROJECT PROFILE: ESTORIA COOPERATIVE OF LAKEVILLE The HIT provided $19.4 million in funding for the $41.1 million new construction of the 89-unit Estoria Cooperative of Lakeville which will create an estimated 339,980 hours of union construction work. |
continued
Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is since inception, current as of June 30, 2024. Economic impact data is in 2023 dollars and all other figures are nominal.
| Helping Build Minnesota -The Union Way | JUNE 2024 |
|
Zenith-Duluth |
The Col Apartments-Columbia Heights |
Landmark Tower-St. Paul |
"These HIT-funded projects really help us provide multifamily housing. We have been faced with an affordable housing crisis just like many places, so the more we can build the better it will be for working families. And it seems the HIT is always there to help us out."
-Dan McConnell, President
Minnesota Building and Construction Trades Council
HIGHLIGHTS OF MINNESOTA INVESTMENTS
| Project | Location | HIT Investment | TDC |
Construction Work Hours |
| The Col Apartments (42nd & Central) | Columbia Heights | $10,631,900 | $21,899,161 | 140,880 |
| Zenith | Duluth | $26,682,200 | $49,084,470 | 334,360 |
| Estoria Cooperative of Lakeville | Lakeville | $19,438,400 | $41,138,350 | 339,980 |
| The American Cooperative on Lake Phalen | Maplewood | $20,956,900 | $34,267,507 | 254,300 |
| The Midwell (Greenway Apartments) | Minneapolis | $12,327,300 | $26,847,568 | 176,070 |
| Labor Retreat Apartments | Minneapolis | $10,750,000 | $19,366,543 | 47,750 |
| Park Plaza / Olson Court | Minneapolis | $48,950,000 | $74,715,357 | 419,940 |
| Rise on 7 | St. Louis Park | $35,103,700 | $40,355,688 | 264,020 |
| Landmark Tower | St. Paul | $18,660,000 | $97,079,980 | 616,680 |
| Soul | St. Paul | $64,700,959 | $70,470,714 | 483,560 |
Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is since inception, current as of June 30, 2024. Economic impact data is in 2023 dollars and all other figures are nominal.
Investors should consider the HIT's investment objectives, risks and expenses carefully before investing. Investors may view the HIT's current prospectus, which contains more complete information, on its website at www.aflcio-hit.com and may obtain a copy from the HIT by calling the Marketing and Investor Relations Department at 202-331-8055. Investors should read the current prospectus carefully before investing.
The projects shown on this table may not reflect HIT's current portfolio for any or all ofthe following reasons: (i) the assets related to the project(s) shown on this table may no longer be held in the HIT's current portfolio; (ii) other assets in the HIT's current portfolio may have characteristics different from those shown on this table; and (iii) this table is not a complete list of all the projects financed by the HIT as of the date of this report. A complete list of the HIT's portfolio holdings as of the most recently disclosed month-end is available upon request or on its website at aflcio-hit.com.
| 1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |