05/25/2022 | Press release | Distributed by Public on 05/25/2022 08:59
Since inception, the AFL-CIO Housing Investment Trust has invested $132.8 million, and its subsidiary Building America CDE, Inc. has awarded $23.0 million in tax credits to help finance 15 projects in Michigan with total development investment of $239.2 million. These projects have built or preserved 2,336 housing and healthcare units and created an estimated 2.5 million hours of union construction work.
HIT | ||||||
Total | Affordable | Investment/ | ||||
Project Name | Location | Units | Units | NMTCs | Total Dev. Cost | |
1 | Windemere Park Apartments | Ann Arbor | 480 | 96 | $26,374,000 | $29,011,400 |
2 | Anglin Extended Care | Detroit | 180 | 180 | $5,197,400 | $5,717,140 |
3 | Detroit Home Repair Program | Detroit | 4 | 4 | $246,000 | $430,490 |
4 | Detroit Home Repair Program 2 | Detroit | 5 | 5 | $660,114 | $694,857 |
5 | Detroit Manufacturing Systems** | Detroit | - | - | $8,500,000 | $36,928,000 |
6 | Historic New Center Apts. | Detroit | 104 | 20 | $2,040,000 | $2,244,000 |
7 | Lafayette East | Detroit | 480 | 480 | $13,714,100 | $15,237,889 |
8 | Residences @ 150 Bagley Apts. | Detroit | 148 | 30 | $47,791,901 | $72,990,473 |
9 | Sugar Hill** | Detroit | 68 | 20 | $14,500,000 | $35,080,214 |
10 | Arbor Woods Mobile Home Park | Farmington Hills | 214 | 214 | $3,627,300 | $3,990,030 |
11 | Village Green on Lake St. Clair | Macomb | 222 | 44 | $10,340,900 | $11,374,990 |
12 | Wexford Townhouses of Novi | Novi | 128 | 26 | $8,846,400 | $9,731,040 |
13 | American House at Carpenter | Pittsfield Township | 102 | 20 | $5,641,300 | $6,205,430 |
14 | Beechwood Manor Home for the Aged | St. Clair Shores | 98 | 98 | $3,042,200 | $3,346,420 |
15 | Westland Board & Care | Westland | 103 | 103 | $5,265,000 | $6,194,118 |
TOTAL | 2,336 | 1,340 | $155,786,615 | $239,176,491 |
** Project receiving NMTC Allocation
Residences @ 150 Bagley, Detroit | Sugar Hill, Detroit |
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 current as of March 31, 2022. Economic impact data is in 2021 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 collect at 202-331-8055. Investors should read the current prospectus carefully before investing.
MARCH 2022 |