08/12/2024 | Press release | Distributed by Public on 08/12/2024 11:25
Helping Build The Twin Cities-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 the Twin Cities Area
Since Inception in 1984
83 | $1.6B | $2.5B | 22.0M | 11,876 |
Projects |
HIT Investment Amount |
Total Development |
Hours of Union |
Housing Units Created or Preserved |
$5.5B | 27,899 | $2.2B | $220.0M | 53% |
Total Economic Impact |
Total Jobs Across Industries |
Total Wages |
State and Local Tax Revenue Generated |
Percent Affordable |
PROJECT PROFILE: LANDMARK TOWER The HIT provided $18.7 million in funding for the $97.1 million substantial rehabilitation of an office building into the 187-unit Landmark Tower in St. Paul, creating an estimated 616,680 hours of union construction work. |
PROJECT PROFILE: THE AMERICAN COOPERATIVE ON LAKE PHALEN The HIT provided a total of $21.0 million in funding for the $34.3 million new construction of the 56-unit American Cooperative on Lake Phalen in Maplewood, creating an estimated 254,300 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 The Twin Cities-The Union Way | JUNE 2024 |
Peregrine Apartments-Minneapolis | Soul-St. Paul | Estoria Cooperative of Lakeville-Lakeville |
"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
Business Manager, Minneapolis Building and Construction Trades Council
President, Minnesota Building and Construction Trades Council
HIGHLIGHTS OF THE TWIN CITIES AREA INVESTMENTS
Project |
Location |
HIT Investment |
TDC |
Construction Work Hours |
Cadence Apartments | Bloomington | $21,774,000 | $19,169,071 | 150,360 |
The Crest Apartments | Brooklyn Center | $25,014,942 | $40,052,670 | 192,720 |
The Col Apartments (42nd & Central) | Columbia Heights | $10,631,900 | $21,899,161 | 140,880 |
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 |
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 |
Ladder 260 | Minneapolis | $18,219,487 | $34,281,708 | 203,510 |
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 |
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 |