AFL-CIO Housing Investment Trust
07/23/2021 | Press release | Distributed by Public on 07/23/2021 13:02
Filing by Investment Company (SEC Filing - 497)
| Helping Build Chicago-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 Chicago
|
57 |
$928.4M |
$10M |
$2.0B |
13,105 |
| Projects |
HIT Investment Amount |
Building America NMTC Allocation |
Total Development Cost |
Housing Units Created or Preserved |
|
19.5M |
20,691 |
$1.4B |
$172.2M |
$3.5B |
|
Hours of Union Construction Work |
Total Jobs Across Industries |
Total Wages and Benefits |
State and Local Tax Revenue Generated |
Total Economic Impact |
|
PROJECT PROFILE: MORNINGSIDE COURT APARTMENTS The HIT provided $28.7 million in financing for the $56.4 million substantial rehabilitation of the 171-unit project in Chicago, Illinois. This project will create an estimated 105,240 hours of union construction work. |
PROJECT PROFILE: GATEWAY APARTMENTS The HIT provided $43.5 million in financing for the $50.4 million new construction of the 161-unit project in Chicago, Illinois. This project will create an estimated 382,510 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 current as of June 30, 2021. Economic impact data is in 2020 dollars and all other figures are nominal.
| Helping Build Chicago-The Union Way | JUNE 2021 |
| Lake Village East Apartments | Mark Twain SRO | Heiwa Terrace Apartments | ||
'We appreciate HIT's commitment to and support of union construction at numerous projects that have put our members to work in the Chicago area for nearly 30 years and recognize the benefits this commitment has provided to the workers and the community.'
-Michael Macellaio, Secretary-Treasurer
Chicago and Cook County Building and Construction Trades Council
HIGHLIGHTS OF CHICAGO INVESTMENTS
|
Project |
Location |
HIT Investment/Building America NMTC Allocation |
TDC |
Construction Work Hours |
| Altgeld Family Resource Center | Chicago |
$10,000,000 |
$28,115,001 |
252,760 |
|
Circle Park |
Chicago | $84,895,000 |
$163,806,449 |
292,010 |
| Gateway Apartments | Chicago | $43,500,000 |
$50,352,486 |
382,510 |
| Heiwa Terrace Apartments | Chicago | $28,500,000 |
$68,414,801 |
396,710 |
|
Mark Twain SRO Apartments |
Chicago |
$27,278,700 |
$39,905,499 |
185,700 |
| Montclare Senior Residences of Calumet Heights | Chicago | $9,200,000 |
$32,721,472 |
464,000 |
| Montclare Senior Residences of Englewood | Chicago | $2,300,000 |
$25,397,680 |
352,240 |
| Morningside Court Apartments | Chicago |
$28,700,000 |
$56,425,536 |
105,240 |
| Northpoint Apartments | Chicago |
$68,984,000 |
$86,804,801 |
226,200 |
| Wrigleyville North Apartments | Chicago | $34,982,300 |
$40,912,471 |
289,900 |
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 |