AFL-CIO Housing Investment Trust
07/23/2021 | Press release | Distributed by Public on 07/23/2021 13:51
Filing by Investment Company (SEC Filing - 497)
| Helping Build New York City-The Union Way |
The AFL-CIO Housing Investment Trust builds on over 35 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 New York
|
71 Projects |
$1.8B HIT Investment Amount |
$8M Building America NMTC Allocation |
$4.4B Total Development Cost |
43,062 Housing Units Created or Preserved |
|
24.2M Hours of Union Construction Work |
26,220 Total Jobs Across Industries |
$2.2B Total Wages and Benefits |
$311.4M State and Local Tax Revenue Generated |
$4.8B Total Economic Impact |
|
PROJECT PROFILE: BETANCES RESIDENCE The HIT provided $52 million of financing for the new construction of the 152-unit, Betances Residence in the Bronx, creating an estimated 633,290 hours of union construction work. |
PROJECT PROFILE: 18 SIXTH AVENUE AT PACIFIC PARK The HIT provided $100 million of financing for the new construction of the 858-unit 18 Sixth Avenue at Pacific Park, in Brooklyn, creating an estimated 3,881,830 hours of union construction work. |
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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 June 30, 2021. Economic impact data is in 2020 dollars and all other figures are nominal.
| Helping Build New York-The Union Way | JUNE 2021 |
| Elizabeth Seton | 1490 Southern Boulevard |
Joseph P. Addabbo Family Health Center (Building America) |
'When building trades' pension capital is used to finance 100% union built development in New York City, our pension funds get stronger. When the project also addresses the City's massive need for affordable housing, it is a win-win.'
-Gary LaBarbera, President
Building and Construction Trades Council of Greater New York
HIGHLIGHTS OF NEW YORK CITY INVESTMENTS
| Project | Location |
HIT Investment/Building America NMTC Allocation |
TDC |
Construction Work Hours |
| 1490 Southern Boulevard | Bronx | $35,000,000 | $59,120,711 | 456,530 |
| Betances Senior Apartments | Bronx | $52,000,000 | $98,000,000 | 633,290 |
| 18 Sixth Avenue at Pacific Park | Brooklyn | $100,000,000 | $710,000,000 | 3,881,830 |
| 33 Bond Street (2017 Bonds) | Brooklyn | $20,000,000 | $287,120,000 | 266,760 |
| 606 West 57th St. (2017 Bonds) | Manhattan | $20,000,000 | $275,384,620 | 268,520 |
| 606 West 57th St. (2018 Bonds) | Manhattan | $30,000,000 | $153,157,894 | 387,130 |
| Penn South Cooperative (2017) | Manhattan | $55,000,000 | $191,000,000 | 473,480 |
| Joseph P. Addabbo Family Health Center | Queens | $8,000,000 | $23,420,528 | 216,970 |
| Elizabeth Seton Pediatric Center II | Yonkers | $18,300,000 | $21,130,584 | 210,590 |
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 June 30, 2021. Economic impact data is in 2020 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.
| 1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |