AFL-CIO Housing Investment Trust

Supplement to prospectus dated August 29, 2003

Effective December 19, 2003, the designated paragraphs will be revised as
indicated (i) to increase the percentage of the Trust's assets that may be
invested in U.S. Treasury and Government-Sponsored Enterprise securities from
10% to 15% and (ii) to eliminate the restriction requiring scheduled maturity
dates of 10 years or less.

The third paragraph under the heading "HIT'S PRINCIPAL INVESTMENT STRATEGIES"
on page 1 will be revised as follows:

     Finally, the HIT may invest up to 15% of its assets in securities (i.e.,
     securities other than Mortgage Securities which are otherwise permitted
     under the HIT's guidelines) that are issued by the U.S. Treasury or
     issued or guaranteed by a Government-Sponsored Enterprise such as Fannie
     Mae and Freddie Mac or the Federal Home Loan Banks ("FHLBs"), and as long
     as such securities are rated in one of the two highest rating categories,
     securities backed by Fannie Mae, Freddie Mac or the FHLBs (collectively,
     "Treasury, Fannie, Freddie and FHLBs Securities").

The first full paragraph under the subheading "Treasury, Fannie, Freddie and
FHLB Securities" on page 8 will be revised as follows:

     TREASURY, FANNIE, FREDDIE AND FHLB SECURITIES.  The HIT may invest up to
     15% of its assets in the following categories of investments:  (i) United
     States Treasury obligations; (ii) obligations which are issued or
     guaranteed by Fannie Mae, Freddie Mac or the FHLBs; and (iii) obligations
     which are backed by Fannie Mae, Freddie Mac or the FHLBs and rated in one
     of the two highest rating categories at the time of acquisition.
     Treasury, Fannie, Freddie and FHLB Securities are highly liquid.  The HIT
     has no requirement that its Treasury, Fannie, Freddie and FHLB Securities
     be rated, except for obligations which are backed by, rather than insured
     or guaranteed by, Fannie Mae, Freddie Mac or the FHLBs.

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Effective December 19, 2003, the second paragraph under the heading
"PERMISSIBLE INVESTMENTS AND PRINCIPAL INVESTMENT STRATEGIES--Permissible
Investments" on page 6 will be revised to include the following new bullet to
provide authorization for the Trust to invest in securities that are secured
by single family or multifamily mortgage securities and/or single family or
multifamily mortgage loans and that are rated at the highest rating by a
nationally recognized statistical rating agency:

- securities that are secured by single family or multifamily mortgage
securities and/or single family or multifamily mortgage loans and are rated
AAA by a nationally recognized statistical rating agency.


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Effective December 19, 2003, the fourth bullet of the second full paragraph
under the subheading "State/Local Government Credit-Enhanced Mortgage
Securities; Privately Credit-Enhanced Mortgage Securities; Credit-Enhanced
Bridge Loans; Mortgage Loans for Projects which Have Evidence of Support from
a State or Local Government and which Meet Specified Underwriting Criteria" on
page 7 will be revised with the following to (i) increase the permitted loan
to value ratio from 75% to 80% in respect of direct loans for low income
housing projects, subject to specified requirements and (ii) to permit the
Trust to make direct loans for market rate housing projects, subject to
specified requirements:

     - construction and/or permanent mortgage loans, provided that the total
       principal amount of such investments outstanding from time to time
       shall not exceed 4% of the value of all of the HIT's assets and
       provided that such loans meet underwriting criteria specified in the
       Declaration of Trust including:

           - in the case of projects which have evidence of support from a
             state or local government (or an agency or instrumentality
             thereof), requirements that the loan-to-value ratio may not
             exceed 60% (or 80% if the HIT receives required credit
             enhancement or the project receives low income housing tax
             credits), that the state or local government or a tax-exempt
             foundation must make or facilitate a financial contribution in
             the project and that the minimum debt service coverage for these
             projects must be at least 1.15, based upon projections of future
             income and expenses; and

           - in the case of the financing of market rate projects,  on terms
             consistent with the foregoing sub-paragraph, except that a
             financial contribution from a state or local government would not
             be required and the required underwritten debt service coverage
             would be 1.25, rather than 1.15.


The date of this supplement is December 31, 2003.