0001099910-12-000280.txt : 20121129 0001099910-12-000280.hdr.sgml : 20121129 20121129143646 ACCESSION NUMBER: 0001099910-12-000280 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121129 DATE AS OF CHANGE: 20121129 EFFECTIVENESS DATE: 20121129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFL CIO HOUSING INVESTMENT TRUST CENTRAL INDEX KEY: 0000225030 IRS NUMBER: 526220193 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03493 FILM NUMBER: 121231403 BUSINESS ADDRESS: STREET 1: 2401 PENNSYLVANIA AVENUE, NW STREET 2: SUITE 200 CITY: WASHINGTON STATE: DC ZIP: 20037 BUSINESS PHONE: 2023318055 MAIL ADDRESS: STREET 1: 2401 PENNSYLVANIA AVENUE, NW STREET 2: SUITE 200 CITY: WASHINGTON STATE: DC ZIP: 20037 0000225030 S000009768 AFL CIO HOUSING INVESTMENT TRUST C000026832 AFL CIO HOUSING INVESTMENT TRUST N-Q 1 aflcio_nq-seriesa.htm FORM N-Q - SERIES A - AFL-CIO HOUSING INVESTMENT TRUST aflcio_nq-seriesa.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549




FORM N-Q



QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number:  811-03493

American Federation of Labor and
Congress of Industrial Organizations
Housing Investment Trust*
(Exact name of registrant as specified in charter)


2401 Pennsylvania Avenue, Suite 200, N.W., Washington, D.C.  20037
(Address of principal executive offices)  (Zip code)

Kenneth G. Lore, Esq.
Bingham McCutchen LLP
2020 K Street, N.W., Washington, D.C.  20006
(Name and address of agent for service)

(202) 331-8055
(Registrant’s telephone number, including area code)





Date of fiscal year end: December 31
Date of reporting period: September 30, 2012


*This filing relates solely to Series A—AFL-CIO Housing Investment Trust

 
 
 
 
 

Item 1. Schedule of Investments
 
 
Schedule of Portfolio Investments
          
             
September 30, 2012 (Dollars in thousands; unaudited)
        
             
FHA Permanent Securities (4.0% of net assets)
        
             
     
Commitment
      
 
Interest Rate
Maturity Date
Amount
Face Amount
Amortized Cost
Value
             
Single Family
7.75%
Jul-2021
 $                   -
 $                  17
 $                 17
 $                17
     
                      -
      
Multifamily1
3.75%
Aug-2048
                      -
                 4,175
                4,171
              4,396
 
4.00%
Dec-2053
                      -
               66,760
              66,734
             69,785
 
5.35%
Mar-2047
                      -
                 7,683
                7,692
              8,476
 
5.55%
Aug-2042
                      -
                 8,442
                8,437
              9,396
 
5.60%
Jun-2038
                      -
                 2,651
                2,648
              2,681
 
5.62%
Jun-2014
                      -
                   197
                  197
                 203
 
5.65%
Oct-2038
                      -
                 2,050
                2,095
              2,118
 
5.87%
Jun-2044
                      -
                 1,869
                1,867
              2,118
 
5.89%
Apr-2038
                      -
                 4,970
                4,980
              5,605
 
6.02%
Jun-2035
                      -
                 5,594
                5,578
              5,976
 
6.20%
Apr-2052
                      -
               11,866
              11,861
             12,899
 
6.40%
Jul-2046
                      -
                 3,950
                3,946
              4,516
 
6.60%
Jan-2050
                      -
                 3,462
                3,501
              3,864
 
6.66%
May-2040
                      -
                 5,425
                5,408
              5,436
 
6.70%
Dec-2042
                      -
                 5,731
                5,712
              5,763
 
6.75%
Apr-2040 - Jul-2040
                      -
                 5,124
                5,089
              5,653
 
7.05%
Jul-2043
                      -
                 5,108
                5,108
              5,299
 
7.13%
Mar-2040
                      -
                 7,473
                7,458
              8,230
 
7.20%
Dec-2033 - Oct-2039
                      -
                 9,310
                9,305
              9,912
 
7.50%
Sep-2032
                      -
                 1,476
                1,470
              1,713
 
7.93%
Apr-2042
                      -
                 2,785
                2,785
              3,255
 
8.15%
Mar-2037
                      -
                 1,126
                1,219
              1,130
 
8.27%
Jun-2042
                      -
                 2,445
                2,445
              2,453
 
8.75%
Aug-2036
                      -
                 3,506
                3,510
              3,519
     
                      -
             173,178
            173,216
           184,396
Forward Commitments1
5.80%
Mar-2052
                 2,100
                      -
                   (11)
                 190
Total FHA  Permanent Securities
  
 $              2,100
 $          173,195
 $         173,222
 $        184,603
 
 
 
 
 
 
Schedule of Portfolio Investments
          
             
September 30, 2012 (Dollars in thousands; unaudited)
        
             
Ginnie Mae Securities (20.2% of net assets)
          
             
 
Interest Rate
Maturity Date
  
Face Amount
Amortized Cost
Value
             
Single Family
4.00%
Feb-2040 - Jun-2040
  
 $           16,920
 $             17,191
 $           18,702
 
4.50%
Aug-2040
  
             10,288
                10,582
              11,389
 
5.50%
Jan-2033 - Jun-2037
  
             11,332
                11,272
              12,731
 
6.00%
Jan-2032 - Aug-2037
  
               6,360
                  6,364
               7,191
 
6.50%
Jul-2028
  
                  114
                     114
                  131
 
7.00%
Nov-2016 - Jan-2030
  
               2,659
                  2,678
               3,047
 
7.50%
Apr-2013 - Aug-2030
  
               1,802
                  1,825
               2,067
 
8.00%
Jun-2023 - Nov-2030
  
               1,054
                  1,078
               1,249
 
8.50%
Jun-2022 - Aug-2027
  
               1,077
                  1,093
               1,257
 
9.00%
May-2016 - Jun-2025
  
                  308
                     311
                  349
 
9.50%
Sep-2021 - Sep-2030
  
                  110
                     111
                  122
 
10.00%
Jun-2019
  
                     1
                        1
                      1
       
             52,025
                52,620
              58,236
             
Multifamily1
2.11%
Apr-2033
  
             24,142
                24,358
              24,567
 
2.18%
May-2039
  
             24,495
                24,770
              25,244
 
2.34%
Aug-2034
  
             23,901
                24,094
              24,381
 
2.41%
May-2030
  
             12,873
                12,994
              13,123
 
2.70%
Jan-2053
  
             49,016
                49,522
              50,240
 
2.72%
Feb-2044
  
               5,824
                  6,051
               6,124
 
2.80%
May-2042
  
             13,592
                13,859
              14,653
 
2.87%
Dec-2043
  
             20,000
                20,157
              21,061
 
2.89%
Mar-2046
  
             32,000
                32,312
              33,351
 
3.05%
May-2044
  
             45,500
                45,939
              48,527
 
3.12%
Apr-2038 - Apr-2047
  
               8,990
                  9,215
               9,558
 
3.17%
Oct-2043
  
             38,876
                39,466
              41,114
 
3.20%
Apr-2047
  
             12,435
                12,435
              13,375
 
3.26%
Nov-2043
  
             20,000
                20,058
              21,270
 
3.31%
Nov-2037
  
             18,531
                19,349
              19,391
 
3.37%
Dec-2046
  
             19,200
                19,551
              20,331
 
3.49%
Mar-2042 - Feb-2044
  
             14,000
                14,315
              15,275
 
3.55%
May-2042
  
             10,000
                10,223
              10,888
 
3.67%
Oct-2043
  
             25,000
                25,240
              27,365
 
3.93%
Feb-2039
  
                    53
                      50
                    53
 
4.15%
Apr-2046
  
               8,355
                  8,512
               9,293
 
4.22%
Nov-2035
  
             21,168
                21,693
              22,233
 
4.26%
Jul-2029
  
                  776
                     774
                  789
 
4.37%
Nov-2051
  
             13,322
                13,131
              14,834
 
4.42%
Feb-2031
  
             35,798
                36,041
              39,605
 
4.43%
Jun-2034
  
               6,424
                  6,308
               6,621
 
4.49%
Jun-2052
  
             44,881
                44,445
              50,260
 
4.50%
Aug-2049
  
               2,321
                  2,332
               2,570
 
4.63%
Sep-2037
2
               1,500
                  1,458
               1,522
 
4.66%
Apr-2029 - Dec-2030
  
               4,390
                  4,559
               4,426
 
4.71%
Sep-2034
  
               9,000
                  9,267
               9,505
 
4.73%
Nov-2045
  
               3,000
                  3,055
               3,172
 
4.76%
Apr-2045
  
               3,418
                  3,560
               3,501
 
4.78%
Aug-2032
  
                  984
                     981
                  989
 
4.82%
Oct-2029
  
               1,341
                  1,407
               1,351
 
4.83%
May-2046
2
               5,285
                  5,285
               5,445
 
4.90%
Mar-2044
2
               1,000
                     990
               1,022
 
4.92%
May-2034
  
             24,141
                24,055
              25,259
 
4.94%
Jun-2046
2
               3,795
                  3,799
               3,892
 
4.98%
Feb-2052
  
               4,061
                  4,185
               4,570
 
4.99%
Mar-2030
  
               9,750
                10,492
              10,404
 
5.00%
Dec-2033
  
               4,741
                  4,768
               4,751
 
 
 
 
Schedule of Portfolio Investments
          
             
September 30, 2012 (Dollars in thousands; unaudited)
        
             
Ginnie Mae Securities (20.2% of net assets)
 
 
Interest Rate
Maturity Date
  
Face Amount
Amortized Cost
Value
 
 
5.01%
Mar-2038
  
             25,000
                26,032
              27,171
 
5.05%
Apr-2049
2
               2,885
                  2,890
               2,974
 
5.08%
Feb-2037
  
             10,000
                10,145
              10,549
 
5.16%
Apr-2039
  
               2,708
                  2,669
               2,745
 
5.19%
May-2045
  
               8,526
                  8,327
               8,953
 
5.32%
Aug-2030
  
                  682
                     678
                  683
 
5.34%
Jul-2040
  
             18,000
                17,699
              20,535
 
5.39%
Feb-2052
  
             26,110
                26,635
              29,694
 
5.55%
May-2049
2
             10,415
                10,419
              10,653
 
5.57%
Oct-2031
  
               4,120
                  4,050
               4,193
 
5.58%
May-2031
  
             46,664
                46,959
              48,723
 
6.15%
Nov-2039
  
               5,319
                  5,330
               6,168
       
            788,308
              796,888
            838,946
             
When Issued3
2.55%
Jan-2048
  
             24,000
                24,240
              25,279
Total Ginnie Mae Securities
      
 $         864,333
 $            873,748
 $         922,461
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Schedule of Portfolio Investments
            
                 
September 30, 2012 (Dollars in thousands; unaudited)
          
                 
Ginnie Mae Construction Securities (8.1% of net assets)
          
                 
             
 
Interest Rates4
      Commitment      
 
Permanent
Construction
Maturity Date
  
Amount
Face Amount
Amortized Cost
Value
                 
Multifamily1
2.87%
2.87%
Mar-2054
  
 $        40,943
 $              25
 $             1,259
 $            2,415
 
3.20%
3.20%
Oct-2053
  
           10,078
             4,094
                4,394
               4,924
 
3.40%
3.40%
Apr-2017
  
             2,250
             2,250
                2,249
               2,361
 
3.95%
3.95%
Feb-2052 - Jun-2054
2
           12,722
             6,339
                6,358
               7,479
 
4.15%
2.00%
Jul-2053
2
             2,274
             2,274
                2,302
               2,485
 
4.15%
4.15%
Apr-2053
  
           70,000
           45,571
              46,995
             52,531
 
4.75%
4.75%
Mar-2052
2
           32,463
           29,943
              29,961
             33,822
 
4.80%
4.80%
Feb-2052
  
           11,940
           11,540
              11,918
             13,004
 
4.86%
4.86%
Jan-2053
  
           42,358
           37,323
              37,647
             42,080
 
4.87%
4.87%
Apr-2042
  
         100,000
           97,448
              98,328
           110,513
 
5.10%
7.00%
Dec-2050
2
           15,862
           15,740
              15,579
             17,411
 
5.21%
4.95%
Mar-2053
2
           49,950
           49,950
              50,013
             55,878
 
5.25%
5.25%
Apr-2037
  
           19,750
           19,750
              19,742
             22,249
         
         410,590
         322,247
            326,745
           367,152
                 
Forward Commitments1
2.35%
2.35%
Nov-2053
  
           15,735
                  -
                   472
                  555
Total Ginnie Mae Construction Securities
    
 $       426,325
 $      322,247
 $          327,217
 $         367,707
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
          
             
September 30, 2012 (Dollars in thousands; unaudited)
      
             
Fannie Mae Securities (42.2% of net assets)
      
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
             
Single Family
0.47%
5
Mar-2037
 $                    2,093
 $             2,064
 $                2,095
 
0.62%
5
Apr-2037
                       3,304
                3,287
                   3,311
 
0.72%
5
Dec-2040 - Jun-2042
                     93,461
              92,996
                 93,798
 
0.77%
5
Mar-2042
                     24,070
              24,125
                 24,162
 
0.82%
5
Mar-2042
                     11,432
              11,430
                 11,502
 
2.21%
5
May-2033
                       1,074
                1,080
                   1,144
 
2.23%
5
Sep-2035
                       1,451
                1,445
                   1,550
 
2.30%
5
Nov-2033
                       5,190
                5,194
                   5,492
 
2.32%
5
Aug-2033
                       3,924
                3,915
                   4,184
 
2.34%
5
Jul-2033 - Aug-2033
                       6,112
                6,130
                   6,532
 
2.36%
5
Aug-2033
                         313
                   312
                      332
 
2.50%
5
Nov-2034
                       3,369
                3,488
                   3,620
 
2.60%
5
Jul-2033
                         947
                   940
                   1,011
 
2.75%
5
Apr-2034
                       2,634
                2,725
                   2,821
 
3.00%
  
Apr-2042 - Dec-2042
                     66,990
              70,121
                 70,759
 
3.50%
  
Jan-2042 - Jun-2042
                     57,697
              59,604
                 61,867
 
4.00%
  
Jul-2024 - Apr-2041
              104,670
             106,223
                112,813
 
4.50%
    Jun-2018 - Sep-2040 77,062  78,597  83,615
 
5.00%
  
Jul-2018 - Apr-2041
                     91,754
              94,764
                100,158
 
5.50%
  
Jul-2017 - Jun-2038
                     52,574
              52,750
                 57,846
 
6.00%
  
Apr-2016 - Nov-2038
                     45,761
              46,212
                 50,825
 
6.50%
  
Nov-2016 - Jul-2036
                       5,811
                5,971
                   6,540
 
7.00%
  
Nov-2013 - May-2032
                       2,586
                2,593
                   2,949
 
7.50%
  
Nov-2016 - Sep-2031
                         853
                   831
                      987
 
8.00%
  
Apr-2030 - May-2031
                           92
                     94
                      102
   8.50%  
Mar-2015 - Apr-2031
 241 240 268
 
9.00%
    Jan-2024 - May-2025 125 125 146
       
                   665,590
             677,256
                710,429
             
Multifamily1
2.84%
  
Mar-2022
3,895
3,961
4,137
 
2.85%
  
Mar-2022
33,000
33,324
34,884
 
3.54%
  
Oct-2021
7,695
7,805
8,431
 
3.66%
  
Jul-2021
129,216
129,686
142,091
 
3.82%
  
Jul-2016
21,025
21,001
22,961
 
4.00%
  
Sep-2021
16,267
16,326
17,967
 
4.03%
  
Oct-2021
7,413
7,446
8,226
 
4.06%
  
Oct-2025
26,218
26,477
28,627
 
4.09%
5
Jun-2020
3,740
3,747
3,729
 
4.15%
  
Jun-2021
9,496
9,562
10,572
 
4.22%
  
Jul-2018
2,836
2,778
3,099
 
4.25%
  
May-2021
4,426
4,439
4,958
 
4.27%
  
Nov-2019
6,260
6,281
7,053
 
4.32%
  
Nov-2019
3,096
3,117
3,498
 
4.33%
  
Nov-2019 - Mar-2021
 26,271
26,351
  29,982
 
4.38%
  
Apr-2020
10,634
10,748
12,026
 
4.44%
  
May-2020
6,296
6,341
7,148
 
4.49%
  
Jun-2021
1,016
1,040
1,144
 
4.50%
  
Feb-2020
4,396
4,424
4,948
 
4.52%
  
Nov-2019 - May-2021
7,451
7,587
8,436
 
4.55%
  
Nov-2019
2,945
2,968
3,342
 
4.56%
  
Jul-2019 - May-2021
8,739
8,768
9,924
 
4.64%
  
Aug-2019
18,759
18,996
21,348
 
4.66%
  
Jul-2021 - Sep-2033
7,753
7,800
8,118
 
4.67%
  
Aug-2033
6,770
6,762
6,925
 
4.68%
  
Jul-2019
13,640
13,686
 15,542
 
4.69%
  
Jan-2020 - Jun-2035
14,565
14,606
16,569
 
4.71%
  
Mar-2021
6,089
6,253
6,950
 
4.73%
  
Feb-2021
1,593
1,631
1,820
 
4.80%
  
Jun-2019
2,232
2,244
2,557
 
4.86%
  
May-2019
1,492
1,505
1,708
 
4.89%
  
Nov-2019 - May-2021
2,806
2,923
3,203
 
4.93%
  
Nov-2013
44,519
44,518
45,629
 
4.94%
  
Apr-2019
3,500
3,534
4,022
 
5.00%
  
Jun-2019
1,944
1,964
2,233
 
5.02%
  
Jun-2019
844
844
970
 
5.04%
  
Jun-2019
1,922
1,955
2,212
 
5.05%
  
Jun-2019 - Jul-2019
3,268
3,323
3,765
 
5.08%
  
Apr-2021
40,000
40,003
45,358
 
 
Schedule of Portfolio Investments
          
             
September 30, 2012 (Dollars in thousands; unaudited)
      
             
Fannie Mae Securities (42.2% of net assets)
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
 
 
5.09%
  
Jun-2018
6,523
6,687
7,447
 
5.11%
  
Jul-2019
898
901
1,037
 
5.12%
  
Jul-2019
8,948
8,996
10,338
 
5.13%
  
Jul-2019
913
916
1,056
 
5.15%
  
Oct-2022
3,587
3,586
4,046
 
5.16%
  
Jan-2018
5,308
5,254
5,917
 
5.25%
  
Jan-2020
6,989
6,985
8,102
 
5.29%
  
May-2022
5,379
5,379
6,177
 
5.30%
  
Aug-2029
7,082
6,908
7,964
 
5.34%
  
Apr-2016
6,156
6,153
6,820
 
5.35%
  
Jun-2018
1,746
1,751
1,962
 
5.36%
  
Feb-2016
2,566
2,567
2,603
 
5.37%
  
Jun-2017
1,412
1,473
1,593
 
5.43%
  
Nov-2018
346
346
347
 
5.44%
  
Mar-2016
3,631
3,625
4,078
 
5.45%
  
May-2033
2,937
2,956
3,328
 
5.46%
  
Feb-2017
45,937
45,884
52,676
 
5.47%
  
Aug-2024
8,487
8,583
9,706
 
5.52%
  
Mar-2018
600
624
691
 
5.53%
  
Apr-2017
63,148
63,145
72,558
 
5.59%
  
May-2017
6,971
6,975
7,974
 
5.60%
  
Feb-2018 - Jan-2024
11,548
11,549
13,317
 
5.63%
  
Dec-2019
9,740
9,793
11,040
 
5.69%
  
Jun-2041
4,953
5,122
5,562
 
5.70%
  
Jun-2016
1,374
1,375
1,560
 
5.75%
  
Jun-2041
2,400
2,494
2,708
 
5.80%
  
Jun-2018
69,501
69,142
81,625
 
5.86%
  
Dec-2016
210
210
233
 
5.91%
  
Mar-2037
2,034
2,086
2,331
 
5.92%
  
Dec-2016
193
193
214
 
5.96%
  
Jan-2029
423
427
489
 
6.03%
  
Jun-2017 - Jun-2036
5,460
5,525
6,234
 
6.06%
  
Jul-2034
9,753
10,042
11,298
 
6.11%
  
Aug-2017
6,698
6,683
7,841
 
6.13%
  
Dec-2016
3,425
3,384
3,984
 
6.14%
  
Sep-2033
299
316
347
 
6.15%
  
Jul-2019 - Oct-2032
40,700
40,767
47,614
 
6.16%
  
Aug-2013
156
155
155
 
6.22%
  
Aug-2032
1,737
1,775
2,003
 
6.23%
  
Sep-2034
1,423
1,484
1,645
 
6.28%
  
Nov-2028
2,993
3,162
3,472
 
6.35%
  
Aug-2032
10,602
10,661
12,262
 
6.38%
  
Jul-2021
5,542
5,612
6,534
 
6.39%
  
Apr-2019
939
955
1,081
 
6.44%
  
Apr-2014 - Dec-2018
42,755
42,743
50,110
 
6.52%
  
May-2029
5,351
5,779
6,276
 
6.63%
  
Jun-2014 - Apr-2019
3,532
3,532
3,929
 
6.80%
  
Jul-2016
447
447
498
 
6.85%
  
Aug-2014
41,934
41,935
45,350
 
6.88%
  
Feb-2028
4,352
4,706
4,407
 
7.01%
  
Apr-2031
3,197
3,207
3,671
 
7.07%
  
Feb-2031
16,082
16,267
18,440
 
7.18%
  
Aug-2016
286
286
321
 
7.20%
  
Aug-2029
895
879
898
 
7.26%
  
Dec-2018
8,627
8,961
9,790
 
7.50%
  
Dec-2014
646
646
696
 
7.75%
  
Dec-2012 - Dec-2024
1,718
1,717
1,915
 
8.38%
  
Jan-2022
737
735
740
 
8.40%
  
Jul-2023
424
416
445
 
8.50%
  
Nov-2019
2,930
2,959
3,576
 
8.63%
  
Sep-2028
6,109
6,109
6,492
       
                1,035,716
          1,040,654
             1,163,635
             
TBA6
3.00%
  
Dec-2042
50,000
50,717
52,517
Total Fannie Mae Securities
    
 $              1,751,306
 $       1,768,627
 $          1,926,581
 
 
Schedule of Portfolio Investments
        
               
Septmeber 30, 2012 (Dollars in thousands; unaudited)
        
               
Freddie Mac Securities (10.7% of net assets)
        
               
       
Commitment
      
 
Interest Rate
Maturity Date
Amount
Face Amount
Amortized Cost
Value
               
Single Family
0.52%
5
Feb-2036
 $                        -
 $             6,327
 $                 6,327
 $              6,357
 
0.57%
5
Apr-2036
                          -
                3,858
                    3,853
                 3,870
 
0.72%
5
Nov-2040
                          -
              36,689
                  36,436
               36,830
 
2.35%
5
Jun-2033 - Oct-2033
                          -
                3,307
                    3,278
                 3,518
 
2.80%
5
Jul-2035
                          -
                   681
                       679
                    732
 
3.00%
  
Aug-2042
                          -
              84,933
                  87,057
               89,598
 
3.50%
  
Oct-2041 - Feb-2042
                          -
              42,955
                  43,670
               46,038
 
4.00%
  
Nov-2013 - Jan-2041
                          -
              75,662
                  77,377
               81,085
 
4.50%
  
Aug-2018 - Sep-2040
                          -
              28,398
                  28,477
               30,781
 
5.00%
  
Jan-2019 - Mar-2041
                          -
              40,108
                  40,116
               43,508
 
5.50%
  
Oct-2017 - Jul-2038
                          -
              43,198
                  42,711
               47,147
 
6.00%
  
Mar-2014 - Feb-2038
                          -
              25,234
                  25,608
               28,007
 
6.50%
  
Oct-2013 - Nov-2037
                          -
                8,617
                    8,929
                 9,638
 
7.00%
  
Oct-2012 - Mar-2030
                          -
                   208
                       195
                    232
 
7.50%
  
Nov-2012 - Apr-2031
                          -
                   180
                       172
                    209
 
8.00%
  
Jul-2015 - Feb-2030
                          -
                    71
                        68
                     80
 
8.50%
  
Jun-2015 - Jan-2025
                          -
                   195
                       196
                    229
 
9.00%
  
Mar-2025
  
                   102
                       102
                    121
       
                       -
         400,723
             405,251
          427,980
               
Multifamily1
5.38%
  
Dec-2028
                          -
              20,000
                  20,004
               22,656
 
5.42%
  
Apr-2016
                          -
              10,000
                    9,958
               11,053
 
5.65%
  
Apr-2016
                          -
                5,952
                    5,947
                 6,650
       
                                    -
              35,952
                  35,909
               40,359
               
Forward Commitments1
2.95%
  
Aug-2017
                     2,585
                     -
                       (84)
                     82
               
TBA6
3.00%
  
Dec-2042
                          -
              20,000
                  20,569
               20,969
Total Freddie Mac Securities
    
 $                   2,585
 $          456,675
 $              461,645
 $           489,390
 
 
 
 
 
 
Schedule of Portfolio Investments
        
           
September 30, 2012 (Dollars in thousands; unaudited)
      
           
           
Commercial Mortgage-Backed Securities1 (0.7% of net assets)
    
           
           
           
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
JP Morgan
3.48%
Jun-2045
 $           10,000
 $               10,574
 $            10,882
Deutsche Bank
5.00%
Nov-2046
              18,990
                  19,530
               22,621
Total Commercial Mortgage Backed Securities
 $           28,990
 $               30,104
 $            33,503
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
                    
                       
September 30, 2012 (Dollars in thousands; unaudited)
              
                       
State Housing Finance Agency Securities (4.3% of net assets)
            
                       
      Interest Rates4       Commitment        
 
Issuer
Permanent
  
Construction
Maturity Date
  
Amount
Face Amount
  
Amortized Cost
Value
                       
Multifamily1
IL Housing Development Authority
 -
  
1.70%
Dec-2013
  
 $                -
 $      2,670
  
 $          2,670
 $       2,669
 
MassHousing
 -
  
3.05%
Dec-2013
7
                20,380
           15,375
  
               15,300
             15,365
 
MassHousing
 -
  
3.40%
Dec-2013
7
                  3,000
            3,000
  
                2,996
              2,998
 
NYC Housing Development Corp
 -
  
3.45%
May-2013
  
                  9,500
            5,600
  
                5,609
              5,603
 
MassHousing
 -
  
3.83%
Apr-2015
7
                  5,000
                 50
  
                     31
                   65
 
MassHousing
 -
  
3.85%
Dec-2012
7
                13,500
            2,680
  
                2,680
              2,692
 
MassHousing
 -
  
4.15%
Dec-2013
7
                26,700
           22,590
  
               22,589
             22,782
 
MassHousing
 -
  
4.30%
Jun-2015
7
                34,700
                 50
  
                    (38)
                 462
 
NYC Housing Development Corp
2.00%
  
 -
Sep-2013
  
 -
            7,500
  
                7,500
              7,520
 
NYC Housing Development Corp
4.25%
  
 -
Nov-2025
  
 -
            1,150
  
                1,150
              1,229
 
NYC Housing Development Corp
4.40%
  
 -
Nov-2024
  
 -
            4,120
  
                4,120
              4,458
 
NYC Housing Development Corp
4.50%
  
 -
Nov-2030
  
 -
            1,680
  
                1,682
              1,791
 
NYC Housing Development Corp
4.60%
  
 -
Nov-2030
  
 -
            4,665
  
                4,665
              4,898
 
NYC Housing Development Corp
4.70%
  
 -
Nov-2035
  
 -
            1,685
  
                1,685
              1,781
 
NYC Housing Development Corp
4.78%
  
 -
Aug-2026
  
 -
           12,500
  
               12,505
             13,115
 
NYC Housing Development Corp
4.80%
  
 -
Nov-2040
  
 -
            2,860
  
                2,862
              3,039
 
NYC Housing Development Corp
4.90%
   -
Nov-2034 - Nov-2041
   -  8,800    8,800 9,306
 
NYC Housing Development Corp
  4.95%   -
Nov-2039 - May-2047
   - 13,680   13,682 14,382
 
MassHousing
5.55%
  
 -
Nov-2039
  
 -
            5,000
  
                4,979
              5,343
 
MassHousing
5.69%
  
 -
Nov-2018
  
 -
            5,575
  
                5,579
              6,409
 
MassHousing
5.70%
  
 -
Jun-2040
  
 -
           14,305
  
               14,307
             15,040
 
NYC Housing Development Corp
5.92%
  
 -
Dec-2037
  
 -
            6,315
  
                6,318
              6,568
 
MassHousing
6.42%
  
 -
Nov-2039
  
 -
           22,000
  
               22,000
             23,966
 
MassHousing
6.50%
  
 -
Dec-2039
  
 -
               735
  
                   739
                 803
 
MassHousing
6.58%
  
 -
Dec-2039
  
 -
           11,385
  
               11,386
             11,988
 
MassHousing
6.70%
  
 -
Jun-2040
  
 -
           11,645
  
               11,645
             12,169
             
              112,780
         187,615
  
             187,441
           196,441
                       
Forward Commitments1
MassHousing
 -
  
3.98%
Apr-2015
7
                  4,915
 -
  
                    (18)
                     6
 
MassHousing
 -
  
4.37%
Jun-2014
7
                23,500
 -
  
                    (59)
                 200
             
                28,415
                 -
  
                    (77)
                 206
Total State Housing Finance Agency Securities
    
 $        141,195
 $  187,615
  
 $      187,364
 $   196,647
 
 
 
 
 
Schedule of Portfolio Investments
                
                   
September 30, 2012 (Dollars in thousands; unaudited)
            
                   
Other Mutifamily Investments (0.4% of net assets)
            
                   
   
Interest Rates4
    
Commitment
      
 
Issuer
Permanent
Construction
Maturity Date
  
Amount
Face Amount
Amortized Cost
Value
                   
Privately Insured Construction/Permanent Mortgages1,8
          
 
IL Housing Development Authority
5.40%
5.40%
Mar-2047
  
            9,000
            8,593
            8,599
            8,151
 
IL Housing Development Authority
5.73%
5.73%
Aug-2047
  
            5,575
            5,362
            5,362
            5,142
 
IL Housing Development Authority
6.20%
-
Dec-2047
  
            3,325
            3,220
            3,236
            3,166
 
IL Housing Development Authority
6.40%
6.40%
Nov-2048
  
               993
               970
               984
              954
Total Other Multifamily Investments
        
 $       18,893
 $        18,145
 $        18,181
 $       17,413
 
 
 
 
 
Schedule of Portfolio Investments
        
           
September 30, 2012 (Dollars in thousands; unaudited)
      
           
United States Treasury Securities (8.5% of net assets)
      
           
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
 
2.00%
Nov-2021
 $             30,000
 $            30,204
 $           31,319
 
2.13%
Aug-2021
                35,000
              35,179
             37,024
 
3.00%
May-2042
                10,000
              10,850
             10,372
 
3.13%
May-2021 - Nov-2041
              170,000
             173,060
            189,290
 
3.75%
Aug-2041
                82,000
              91,573
             98,071
 
4.38%
May-2041
                15,000
              16,490
             19,880
Total United States Treasury Securities
  
 $           342,000
 $          357,356
 $         385,956
           
Total Fixed-Income Investments
  
 $        4,144,506
 $       4,197,464
 $      4,524,261
 
 
 
 
 
 
Schedule of Portfolio Investments
      
           
September 30, 2012 (Dollars in thousands; unaudited)
    
           
Equity Investment in Wholly-Owned Subsidiary (0.0% of net assets)
  
           
       
Amount of
  
   
Number of
Face
Dividends
  
Issuer
  
Shares
Amount (Cost)
or Interest
Value
           
Building America CDE, Inc.9
  
1,000
 $                  1
 $                  -
 $             (188)
Total Equity Investment
  
1,000
 $                  1
 $                  -
 $             (188)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
        
           
September 30, 2012 (Dollars in thousands; unaudited)
      
           
Short-Term Investments (2.4% of net assets)
        
           
           
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Blackrock Federal Funds 30
0.01%
 October 1, 2012
 $      122,594
 $         122,594
 $   122,594
Total Short-Term Investments
    
 $      122,594
 $         122,594
 $   122,594
           
           
           
Total Investments
    
 $   4,267,101
 $      4,320,059
 $4,646,667
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
  
       
September 30, 2012
  
       
Footnotes
    
       
1 
Valued by the HIT's management in accordance with the fair value procedures adopted by the HIT's Board of Trustees.
       
2 
Tax-exempt bonds collateralized by Ginnie Mae securities.
       
3 
The HIT records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued basis are marked to market monthly and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
       
4 
Construction interest rates are the rates charged to the borrower during the construction phase of the project. The permanent interest rates are charged to the borrower during the amortization period of the loan, unless the U.S. Department of Housing and Urban Development requires that such rates be charged earlier.
   
5 
The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
       
6 
Represents to be announced (TBA) securities: the particular securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage term, and be within industry-accepted "good delivery" standards. Until settlement, the HIT maintains cash reserves and liquid assets sufficient to settle its TBA commitments.
   
7 
Securities exempt from registration under the Securities Act of 1933.  The construction notes were privately placed directly by MassHousing (a not-for-profit public agency) with the HIT. The notes are for construction only and will mature on or prior to June 1, 2015. The notes are general obligations of MassHousing and are secured by the full faith and credit of MassHousing. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are considered liquid, under procedures established by and under the general supervision of the HIT's Board of Trustees.
   
8 
Loans insured by Ambac Assurance Corporation, and additionally backed by a repurchase option from the mortgagee for the benefit of the HIT. The repurchase price is defined as the unpaid principal balance of the loan plus all accrued unpaid interest due through the remittance date. The repurchase option can be exercised by the HIT in the event of a payment failure by Ambac Assurance Corporation.
   
9 
Building America CDE, Inc. (BACDE) is a wholly owned subsidiary of the HIT. BACDE is a Community Development Entity, certified by the Community Development Financial Institutions Fund of the U.S. Department of Treasury, which can facilitate the generation of investments. The fair value of the HIT's investment in BACDE approximates its carrying value.
   
   
     
       
 
 
 
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited
As of September 30, 2012

The accompanying notes are an integral part of this Schedule of Portfolio Investments.

Note 1. Summary of Significant Accounting Policies

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) Housing Investment Trust (HIT) is a common law trust created under the laws of the District of Columbia and is registered under the Investment Company Act of 1940, as amended (the Investment Company Act), as a no-load, open-end investment company. The HIT has obtained certain exemptions from the requirements of the Investment Company Act that are described in the HIT’s Prospectus and Statement of Additional Information.

Participation in the HIT is limited to eligible pension plans and labor organizations, including health and welfare, annuity, general and other funds, that have beneficiaries who are represented by labor organizations.

The following is a summary of significant accounting policies followed by the HIT in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles (GAAP) in the United States.

Investment Valuation
Net asset value per share (NAV) is calculated as of the close of business of the major bond markets in New York City on the last business day of the month. A description of the valuation techniques applied to the HIT’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

Portfolio securities for which market quotations are readily available (U.S. Treasury securities, government-sponsored enterprise securities, single-family mortgage-backed securities, and state housing finance agency securities) are valued by independent pricing services, published prices, market quotes, and bids from dealers who make markets in such securities. For U.S. Treasury securities, pricing services generally base prices on actual transactions as well as dealer-supplied prices. For government-sponsored enterprise securities and single-family mortgage-backed securities, pricing services generally base prices on discounted cash flow models and examine reference data such as issue name, issue size, ratings, maturity, call type, spread/benchmark yields and conditional prepayment rates, as well as dealer-supplied prices. For state housing finance agency securities, pricing services generally base prices on trading spreads, new issue scales, verified bid information, and credit ratings.

 
 
 
 
 
Portfolio investments for which market quotations are not readily available (for example, multifamily mortgage-backed securities, and construction mortgage securities and loans) are valued at their fair value determined in good faith under consistently applied procedures adopted by the HIT’s Board of Trustees using dealer quotes and discounted cash flow models. The respective cash flow models utilize inputs from matrix pricing which considers observable market-based discount and prepayment rates, attributes of the collateral, and yield or price of bonds of comparable quality, coupon, maturity and type. The market-based discount rate is composed of a risk-free yield (i.e., a U.S. Treasury note) adjusted for an appropriate risk premium. The risk premium reflects premiums in the marketplace over the yield on U.S. Treasury securities of comparable risk and average life to the security being valued, as adjusted for other market considerations, such as significant market or security specific events, changes in interest rates, and credit quality. On investments for which the HIT finances the construction and permanent securities or participation interests, value is determined based upon the total amount, funded and/or unfunded, of the commitment. The HIT has also retained an independent firm to determine the fair market value of securities for which market quotations are not readily available. In accordance with the procedures adopted by the HIT’s Board of Trustees, the monthly third-party valuation is reviewed by the HIT staff to determine whether valuation adjustments are appropriate based on any material impairments in value arising from specific facts and circumstances of the investment (e.g., prepayment speed). All such adjustments must be reviewed and reconciled with the independent valuation firm prior to incorporation in the NAV.

Commercial mortgage-backed securities are valued using dealer quotes in a discounted cash flow model and/or independent pricing services. Pricing services generally base prices on a single cash flow model, determine a benchmark yield, and utilize available trade information, dealer quotes and market color.

Real estate mortgage conduits are valued using a dealer quote and/or independent pricing services. Pricing services generally base prices on a single cash flow model or an option-adjusted spread model, determine a benchmark yield, and utilize available trade information, dealer quotes, market color, and prepayment speed.

Building America CDE, Inc. (BACDE) is a wholly owned subsidiary of the HIT. The shares of BACDE are valued at their fair value (which approximates BACDE’s carrying value), determined in good faith under consistently applied procedures adopted by the HIT’s Board of Trustees.
 
 
 

 
 
 
 
Investments in registered open-end investment management companies are valued based upon the NAVs of such investments.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. The HIT classifies its assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the HIT’s determination of assumptions that market participants might reasonably use in valuing the securities.

The following table presents the HIT’s valuation levels as of September 30, 2012:

Investment Securities:
($ in thousands)
Level 1
Level 2
Level 3
Total
 
FHA Permanent Securities
           $ -
$184,396
$17
$184,413
Ginnie Mae Securities
   -
897,182
-
897,182
Ginnie Mae Construction Securities
   -
367,152
-
367,152
Fannie Mae Securities
   -
1,874,064
-
1,874,064
Freddie Mac Securities
   -
468,339
-
468,339
Commercial Mortgage-Backed Securities
   -
33,503
-
33,503
State Housing Finance Agency Securities
   -
196,441
-
196,441
Other Multifamily Investments
   -
17,413
-
17,413
United States Treasury Securities
   -
385,956
-
385,956
Equity Investments
-
-
(188)
(188)
Short-Term Investments
122,594
-
-
122,594
Other Financial Instruments*
   -
99,798
-
99,798
 
Total Investment
$122,594
$4,524,244
$(171)
$4,646,667
 
 
 

 
 
 
 
*Other financial instruments include forward commitments and when-issued.

The following table reconciles the valuation of the HIT’s Level 3 investment securities and related transactions for the period ended September 30, 2012.
Investments in Securities ($ in thousands)
 
FHA Permanent
Equity Investments
Total
Beginning balance, 12/31/2011
$19
$(535)
$(516)
 
Total Unrealized Gain (Loss)*
-
347
347
Amortization/Accretion
(2)
-
(2)
Ending balance, 9/30/2012
$17
$(188)
 $(171)

*Net change in unrealized loss attributable to Level 3 securities held at September 30, 2012, totaled $347 and is included in the Statement of Operations.

Level 3 investments in securities are not considered a significant portion of the HIT’s portfolio.

Federal Income Taxes
At September 30, 2012, the cost of investments for federal income tax purposes approximated book cost at amortized cost of $4,320,059,000.  Net unrealized gains aggregated $326,608,000 at period-end, of which $328,818,000 related to appreciated investments and $2,210,000 related to depreciated investments.
 
 
 
 
 

 
 
 
 
Item 2.  Controls and Procedures.

(a)  
The AFL-CIO Housing Investment Trust’s (“Trust”) Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial officer) have concluded that the design and operation of the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) are generally effective to provide reasonable assurance that information required to be disclosed by the Trust in this report is recorded, processed, summarized and reported within the time periods specified in the Securities Exchange Commission’s rules and forms, based on their evaluation of the effectiveness of the design and operation of such controls and procedures within 90 days of the filing of this report.

(b)  
There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Trust’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
 
 
Item 3.  Exhibits.

Separate certifications for the principal executive officer and the principal financial officer of the Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the AFL-CIO Housing Investment Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AFL-CIO HOUSING INVESTMENT TRUST

By:  /s/ Stephen Coyle                                                   
       Name: Stephen Coyle
       Title: Chief Executive Officer

Date: November 29, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the AFL-CIO Housing Investment Trust and in the capacities and on the dates indicated.

 
/s/ Stephen Coyle
Stephen Coyle
Chief Executive Officer
(Principal Executive Officer)
Date: November 29, 2012

 
/s/ Erica Khatchadourian
Erica Khatchadourian
Chief Financial Officer
(Principal Financial Officer)
Date: November 28, 2012
 
 
 
 
 


 
 
 
 
 
 
 EX-99 2 ex99.htm CERTIFICATIONS FOR THE PRINCIPAL EXECUTIVE OFFICER AND THE PRINCIPAL FINANCIAL OFFICER ex99.htm
CERTIFICATION

I, Stephen Coyle, certify that:

1.           I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the “Trust”);

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the Trust as of the end of the fiscal quarter for which the report is filed;

4.           The Trust’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Trust and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
 
(c)
Evaluated the effectiveness of the Trust’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the Trust’s internal control over financial reporting that occurred during the Trust’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting; and

5.           The Trust’s other certifying officer(s) and I have disclosed to the Trust’s auditors and the audit committee of the Trust’s board of trustees (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust’s ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust’s internal control over financial reporting.

 
/s/ Stephen Coyle
Stephen Coyle
Chief Executive Officer
AFL-CIO Housing Investment Trust

Date: November 29, 2012
 
 
 
CERTIFICATION

I, Erica Khatchadourian, certify that:

1.           I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the “Trust”);

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the Trust as of the end of the fiscal quarter for which the report is filed;

4.           The Trust’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Trust and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
 
(c)
Evaluated the effectiveness of the Trust’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the Trust’s internal control over financial reporting that occurred during the Trust’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting; and

5.           The Trust’s other certifying officer(s) and I have disclosed to the Trust’s auditors and the audit committee of the Trust’s board of trustees (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust’s ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust’s internal control over financial reporting.

 
/s/ Erica Khatchadourian
Erica Khatchadourian
Chief Financial Officer
AFL-CIO Housing Investment Trust
Date: November 28, 2012