0001099910-14-000125.txt : 20140530 0001099910-14-000125.hdr.sgml : 20140530 20140530151046 ACCESSION NUMBER: 0001099910-14-000125 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140530 DATE AS OF CHANGE: 20140530 EFFECTIVENESS DATE: 20140530 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: 14879911 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 AFLCIO -- FORM N-Q -- SERIES A 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.
Katten Muchin Rosenman LLP
2900 K Street, N.W., North Tower – Suite 200
Washington, D.C.  20007-5118
 (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: March 31, 2014


*This filing relates solely to Series A—AFL-CIO Housing Investment Trust
 
 
 
Item 1. Schedule of Investments
(Schedule of Investments)
 
 
Schedule of Portfolio Investments
        
           
March 31, 2014 (Dollars in thousands; unaudited)
      
           
FHA Permanent Securities (3.3% of net assets)
      
           
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Single Family
7.75%
Jul-2021
 $                  14
 $                 14
 $                14
           
Multifamily1
3.75%
Aug-2048
                 4,160
                4,156
              3,938
 
4.00%
Dec-2053
               66,660
              66,634
             62,199
 
5.35%
Mar-2047
                 7,561
                7,571
              8,021
 
5.55%
Aug-2042
                 8,268
                8,271
              8,598
 
5.60%
Jun-2038
                 2,579
                2,585
              2,606
 
5.62%
Jun-2014
                     29
                    30
                   29
 
5.65%
Oct-2038
                 1,998
                2,037
              1,998
 
5.80%
Jan-2053
                 2,084
                2,095
              2,290
 
5.87%
Jun-2044
                 1,837
                1,835
              2,013
 
5.89%
Apr-2038
                 4,839
                4,846
              5,082
 
6.02%
Jun-2035
                 5,153
                5,135
              5,234
 
6.20%
Apr-2052
               11,756
              11,751
             12,994
 
6.40%
Aug-2046
                 3,898
                3,901
              4,318
 
6.60%
Jan-2050
                 3,428
                3,463
              3,840
 
6.75%
Apr-2040 - Jul-2040
                 5,025
                5,008
              5,141
 
7.13%
Mar-2040
                 7,335
                7,320
              7,419
 
7.20%
Dec-2033 - Oct-2039
                 9,056
                9,063
              9,122
 
7.50%
Sep-2032
                 1,425
                1,419
              1,592
 
7.93%
Apr-2042
                 2,748
                2,748
              3,080
 
8.75%
Aug-2036
                 3,439
                3,442
              3,449
     
             153,278
            153,310
           152,963
Total FHA  Permanent Securities
  
 $          153,292
 $         153,324
 $        152,977
 
 
 
 
Schedule of Portfolio Investments
          
               
March 31, 2014 (Dollars in thousands; unaudited)
      
               
Ginnie Mae Securities (25.4% of net assets)
          
               
       
     Commitment
    
 
Interest Rate
Maturity Date
  
Amount
Face Amount
Amortized Cost
Value
               
Single Family
  4.00%  Feb-2040 - Jun-2040   -  $           11,790  $             11,960  $           12,401
 
4.50%
Aug-2040
  
                      -
               6,878
                  7,058
               7,435
   5.50%  Jan-2033 - Jun-2037   -  6,545  6,516  7,326
   6.00%  Jan-2032 - Aug-2037   - 4,236  4,236  4,785
 
6.50%
Jul-2028
   - 108 108 123
 
7.00%
Nov-2016 - Jan-2030
   - 1,800 1,813 2,074
 
7.50%
Nov-2014 - Aug-2030
   - 1,131 1,144 1,305
 
8.00%
Jun-2023 - Nov-2030
   - 714 726 853
 
8.50%
Jun-2022 - Aug-2027
   -  751 759 882
 
9.00%
Mar-2017 - Jun-2025
   -  246 248 285
 
9.50%
Sep-2021 - Sep-2030
   -  74 75 88
 
10.00%
Jun-2019
  
                      -
                    -
                       -
                      1
       
                                -
             34,273
                34,643
            37,558
               
Multifamily1
2.11%
Apr-2033
  
                      -
             12,551
                12,646
              12,634
 
2.18%
May-2039
  
                      -
             21,803
                22,022
              22,182
 
2.31%
Nov-2051
  
                      -
               7,076
                  7,080
               6,308
 
2.34%
Aug-2034
  
                      -
               5,694
                  5,732
               5,718
 
2.41%
May-2030
  
                      -
               2,126
                  2,144
               2,131
 
2.55%
Feb-2048
  
                      -
             23,555
                23,778
              21,952
 
2.70%
Jul-2048
  
                      -
             12,941
                13,066
              12,206
 
2.70%
Jan-2053
  
                      -
             51,015
                51,530
              46,296
 
2.72%
Feb-2044
  
                      -
               3,925
                  4,067
               3,931
 
2.82%
Apr-2050
  
                      -
               1,500
                  1,540
               1,407
 
2.87%
Feb-2036 - Dec-2043
   - 25,000 25,409 24,729
 
2.89%
Mar-2046
  
                      -
             32,000
                32,288
              30,629
 
3.05%
May-2044
  
                      -
             45,500
                45,901
              45,160
 
3.17%
Oct-2043
  
                      -
             20,258
                20,530
              20,878
 
3.19%
Jan-2049
  
                      -
             17,025
                17,827
              16,071
 
3.20%
Jul-2041
  
                      -
             10,000
                  9,821
               9,856
 
3.26%
Feb-2038 - Nov-2043
    - 25,000 25,217 24,500
 
3.31%
Nov-2037
  
                      -
               9,787
                10,174
              10,108
 
3.34%
Jun-2052
  
                      -
             44,114
                41,152
              43,551
 
3.35%
Nov-2042 - Mar-2044
   -  25,000 24,372 24,234
 
3.37%
Dec-2046
  
                      -
             19,200
                19,526
              18,488
 
3.40%
Apr-2017 - Jul-2046
   - 9,275  9,584 8,863
 
3.49%
Mar-2042
  
                      -
             28,000
                29,353
              29,205
 
3.49%
Feb-2044
  
                      -
               4,000
                  4,255
               4,005
 
3.55%
May-2042
  
                      -
             10,000
                10,206
               9,931
 
3.64%
Sep-2041
  
                      -
             10,000
                10,791
              10,435
 
3.67%
Oct-2043
  
                      -
             25,000
                25,210
              26,121
 
3.81%
Nov-2053
  
                      -
             55,342
                56,024
              56,728
 
3.81%
Dec-2053
  
                      -
             11,007
                11,121
              11,294
 
3.95%
Dec-2045 - Jul-2053
   - 14,668 14,236 14,614
 
3.99%
Sep-2043
  
                      -
             20,000
                20,938
              20,850
 
4.00%
Jun-2045 - Sep-2046
   -  30,000  31,187 30,846
 
4.00%
May-2049
  
                      -
             31,500
                34,222
              33,469
 
4.15%
Apr-2053
  
                      -
             69,400
                70,805
              72,437
 
4.15%
Jun-2053
  
                      -
               2,259
                  2,295
               2,332
 
4.22%
Nov-2035
  
                      -
               3,672
                  3,753
               3,730
 
4.25%
Sep-2038
  
                      -
             39,561
                39,848
              40,995
 
4.42%
Feb-2031
  
                      -
             33,937
                34,127
              35,079
 
4.50%
Aug-2049
  
                      -
               2,286
                  2,296
               2,330
 
4.63%
Sep-2037
2
                      -
               1,500
                  1,459
               1,467
 
4.73%
Nov-2045
  
                      -
               1,089
                  1,107
               1,103
 
4.83%
May-2046
2
                      -
               5,175
                  5,175
               4,963
 
4.86%
Jan-2053
  
                      -
             41,970
                42,290
              46,005
 
4.87%
Apr-2042
  
                      -
             97,215
                98,042
            104,724
 
4.90%
Mar-2044
2
                      -
               1,000
                     990
                  998
 
4.92%
Sep-2034
  
                      -
               1,250
                  1,283
               1,271
 
4.94%
Jun-2046
2
                      -
               3,735
                  3,740
               3,746
 
4.99%
Mar-2030
  
                      -
               2,825
                  3,019
               2,864
 
5.01%
Mar-2038
  
                      -
             22,382
                23,238
              23,457
 
5.05%
Apr-2049
2
                      -
               2,840
                  2,843
               2,806
 
5.15%
Dec-2050
  
                      -
             15,640
                15,480
              17,245
 
5.19%
May-2045
   -      28      28      28
5.21%
Mar-2053
  
                      -
             49,593
                49,659
              54,814
 
5.25%
Apr-2037
  
                      -
             19,750
                19,742
              21,405
 
5.34%
Jul-2040
  
                      -
             18,000
                17,716
              19,456
 
5.55%
May-2049
2
                      -
             10,295
                10,298
              10,322
       
                             -
         1,109,264
            1,122,182
         1,132,907
               
Forward Commitments1
5.45%
Feb-2055
  
                 2,650
                    -
                       -
                  148
 
 
 
 
 
Schedule of Portfolio Investments
          
               
March 31, 2014 (Dollars in thousands; unaudited)
      
               
Ginnie Mae Securities (25.4% of net assets)
          
               
               
       
     Commitment
    
 
Interest Rate
Maturity Date
  
Amount
Face Amount
Amortized Cost
Value
 
Total Ginnie Mae Securities
    
 $              2,650
 $      1,143,537
 $         1,156,825
 $      1,170,613
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
          
                 
March 31, 2014 (Dollars in thousands; unaudited)
      
                 
Ginnie Mae Construction Securities (2.0% of net assets)
      
                 
                 
 
Interest Rates3
    
     Commitment
    
 
Permanent
Construction
Maturity Date
  
Amount
Face Amount
Amortized Cost
Value
                 
Multifamily1
2.32%
2.32%
Apr-2054
  
 $           23,500
 $          18,111
 $             18,819
 $           15,835
 
2.35%
2.35%
Jan-2054
  
           15,850
           13,689
              14,171
             12,354
 
2.87%
2.87%
Mar-2054
  
           40,943
           38,146
              39,381
             36,210
 
3.20%
3.20%
Oct-2053
  
           10,078
             9,309
                9,611
               9,035
 
3.95%
3.95%
Feb-2052
2
             6,600
             6,394
                6,397
               6,394
 
3.85%
6.70%
Oct-2054
  
           31,865
           12,026
              12,195
             12,777
         
         128,836
           97,675
            100,574
             92,605
                 
Forward Commitments1
4.09%
4.09%
Feb-2056
  
           58,084
                  -
                   881
              (1,238)
 
3.85%
6.25%
Dec-2055
  
           33,400
                  -
                   334
                 (427)
         
           91,484
                  -
                1,215
              (1,665)
Total Ginnie Mae Construction Securities
  
 $       220,320
 $        97,675
 $          101,789
 $          90,940
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Schedule of Portfolio Investments
      
             
March 31, 2014 (Dollars in thousands; unaudited)
      
             
Fannie Mae Securities (38.3% of net assets)
      
             
 
Interest Rate         
Maturity Date
Face Amount
Amortized Cost
Value
             
Single Family
0.40%
4
Mar-2037
 $                       984
 $                971
 $                   981
 
0.45%
4
Jul-2043
                     23,216
              23,025
                 22,958
 
0.53%
4
Nov-2042
                     13,059
              13,065
                 12,993
 
0.55%
4
Apr-2037 - Oct-2042
 19,928  19,937 19,813
 
0.61%
4
Oct-2042
                     10,745
              10,806
                 10,728
 
0.65%
4
Dec-2040
                     41,898
              41,545
                 41,947
 
0.65%
4
Feb-2042 - Feb-2043
 37,741 37,765 37,809
 
0.70%
4
Mar-2042
                     20,744
              20,789
                 20,784
 
0.75%
4
Mar-2042 - Oct-2043
 24,429 24,526  24,590
 
1.93%
4
Nov-2033
                       4,006
                4,008
                   4,165
 
1.98%
4
Aug-2033
                         271
                   270
                      283
 
2.22%
4
Sep-2035
                       1,159
                1,155
                   1,223
 
2.24%
4
May-2033 - Nov-2034
 3,362 3,450 3,559
 
2.31%
4
Jul-2033
                         706
                   702
                      743
 
2.32%
4
Aug-2033
                       2,771
                2,766
                   2,924
 
2.34%
4
Jul-2033 - Aug-2033
 4,402  4,414 4,657
 
2.42%
4
Apr-2034
                       2,206
                2,278
                   2,333
 
3.00%
  
Apr-2042 - Dec-2042
 19,782 20,486 19,127
 
3.50%
  
Mar-2026 - Nov-2042
 112,624  117,759 113,961
 
4.00%
  
Jun-2018 - Nov-2041
 90,036 92,175 94,092
 
4.50%
  
Mar-2015 - Feb-2042
 99,819  103,969 106,456
 
5.00%
  
Sep-2016 - Apr-2041
 50,445 52,389 54,646
 
5.50%
  
Jul-2017 - Jun-2038
 28,365 28,520 31,176
 
6.00%
  
Apr-2016 - Nov-2037
 13,856 13,945 15,376
 
6.50%
  
Nov-2016 - Jul-2036
 3,441  3,516 3,797
 
7.00%
  
Mar-2015 - May-2032
 1,815 1,822 2,082
 
7.50%
  
Nov-2016 - Sep-2031
 622 606 714
 
8.00%
  
Apr-2030 - May-2031
 85  87  92
 
8.50%
  
Mar-2015 - Apr-2031
 114 114  125
 
9.00%
  
Jan-2024 - May-2025
 91 91 108
       
                   632,722
             646,951
                654,242
             
Multifamily1
0.52%
  
Jan-2023
4,884
4,879
4,882
 
2.21%
  
Dec-2022
33,156
33,207
31,617
 
2.21%
  
Dec-2022
25,164
25,202
23,995
 
2.24%
  
Dec-2022
33,042
33,093
31,572
 
2.26%
  
Nov-2022
6,839
6,899
6,551
 
2.71%
  
Jan-2021
8,996
9,016
9,089
 
2.84%
  
Mar-2022
3,797
3,840
3,842
 
2.85%
  
Mar-2022
33,000
33,204
33,120
 
2.99%
  
Jun-2025
2,750
2,774
2,654
 
3.36%
  
Dec-2023
8,518
8,613
8,698
 
3.41%
  
Sep-2023
15,263
15,581
15,761
 
3.46%
  
Dec-2023
3,500
3,533
3,580
 
3.54%
  
Oct-2021
7,539
7,604
7,962
 
3.61%
  
Sep-2023
6,873
7,011
7,148
 
3.66%
  
Jul-2021
122,602
122,838
130,656
 
3.66%
  
Oct-2023
5,053
5,174
5,228
 
3.87%
  
Sep-2023
2,648
2,778
2,801
 
4.00%
  
Sep-2021
15,963
15,991
17,225
 
4.01%
4
Jun-2020
3,617
3,623
3,608
 
4.03%
  
Oct-2021
7,255
7,270
7,840
 
4.06%
  
Oct-2025
25,622
25,796
26,640
 
4.15%
  
Jun-2021
9,356
9,386
10,158
 
4.22%
  
Jul-2018
2,179
2,167
2,328
 
4.25%
  
May-2021
4,333
4,335
4,719
 
4.27%
  
Nov-2019
6,112
6,107
6,693
 
4.32%
  
Nov-2019
3,022
3,024
3,316
 
4.33%
  
Nov-2019 - Mar-2021
 6,130
6,140
6,716
 
4.33%
  
Mar-2021
20,000
19,995
21,653
 
4.38%
  
Apr-2020
10,378
10,414
11,416
 
4.44%
  
May-2020
6,148
6,159
6,764
 
4.49%
  
Jun-2021
995
1,009
1,093
 
4.50%
  
Feb-2020
4,300
4,304
4,702
 
4.52%
  
Nov-2019 - May-2021
 7,296
7,364
8,039
 
4.55%
  
Nov-2019
2,881
2,884
3,183
 
4.56%
  
Jul-2019 - May-2021
 8,557
8,592
9,445
 
4.64%
  
Aug-2019
18,385
18,429
20,370
 
4.66%
  
Jul-2021 - Sep-2033
 7,463
7,511
7,613
 
4.68%
  
Jul-2019
13,328
13,303
14,740
 
4.69%
  
Jan-2020 - Jun-2035
 14,243
14,315
15,743
 
4.71%
  
Mar-2021
5,964
6,056
6,601
 
4.73%
  
Feb-2021
1,562
1,583
1,731
 
4.80%
  
Jun-2019
2,180
2,176
2,421
 
4.86%
  
May-2019
1,458
1,456
1,622
 
4.89%
  
Nov-2019
875
882
974
 
4.94%
  
Apr-2019
3,500
3,497
3,903
 
 
Schedule of Portfolio Investments
      
             
March 31, 2014 (Dollars in thousands; unaudited)
      
             
Fannie Mae Securities (38.3% of net assets)
      
             
 
Interest Rate         
Maturity Date
Face Amount
Amortized Cost
Value
 
5.00%
  
Jun-2019
1,900
1,900
2,121
 
5.02%
  
Jun-2019
824
827
921
 
5.04%
  
Jun-2019
1,880
1,884
2,101
 
5.05%
  
Jun-2019 - Jul-2019
 3,202
3,208
3,582
 
5.08%
  
Apr-2021
40,000
40,003
44,106
 
5.09%
  
Jun-2018
6,387
6,506
7,051
 
5.11%
  
Jul-2019
878
884
984
 
5.12%
  
Jul-2019
8,762
8,748
9,826
 
5.13%
  
Jul-2019
892
890
999
 
5.15%
  
Oct-2022
3,202
3,223
3,521
 
5.22%
  
Jan-2018
4,105
4,079
4,385
 
5.25%
  
Jan-2020
6,852
6,863
7,717
 
5.29%
  
May-2022
5,275
5,275
5,935
 
5.30%
  
Aug-2029
6,705
6,557
7,376
 
5.34%
  
Apr-2016
5,975
5,977
6,257
 
5.36%
  
Feb-2016
227
227
229
 
5.37%
  
Jun-2017
1,380
1,407
1,500
 
5.43%
  
Nov-2018
334
334
335
 
5.45%
  
May-2033
2,828
2,840
3,116
 
5.46%
  
Feb-2017
44,714
44,966
49,188
 
5.47%
  
Aug-2024
8,320
8,376
9,295
 
5.52%
  
Mar-2018
589
601
654
 
5.53%
  
Apr-2017
61,477
61,481
67,884
 
5.59%
  
May-2017
6,780
6,779
7,411
 
5.60%
  
Feb-2018 - Jan-2024
 11,092
11,093
12,494
 
5.63%
  
Dec-2019
8,025
8,061
8,889
 
5.69%
  
Jun-2041
4,874
5,027
5,396
 
5.70%
  
Jun-2016
1,335
1,347
1,442
 
5.75%
  
Jun-2041
2,362
2,447
2,627
 
5.80%
  
Jun-2018
67,913
67,743
76,883
 
5.86%
  
Dec-2016
141
141
151
 
5.91%
  
Mar-2037
1,978
2,022
2,218
 
5.92%
  
Dec-2016
118
118
126
 
5.96%
  
Jan-2029
401
403
451
 
6.03%
  
Jun-2017 - Jun-2036
 5,313
5,420
5,826
 
6.06%
  
Jul-2034
9,441
9,679
10,624
 
6.11%
  
Aug-2017
6,536
6,576
7,345
 
6.13%
  
Dec-2016
1,115
1,134
1,240
 
6.14%
  
Sep-2033
290
306
327
 
6.15%
  
Jul-2019
32,881
32,887
37,691
 
6.15%
  
Jan-2023 - Oct-2032
 7,059
7,101
7,773
 
6.22%
  
Aug-2032
1,678
1,708
1,875
 
6.23%
  
Sep-2034
1,378
1,428
1,566
 
6.28%
  
Nov-2028
2,833
2,969
3,207
 
6.35%
  
Aug-2032
10,248
10,282
11,457
 
6.38%
  
Jul-2021
5,398
5,426
6,245
 
6.39%
  
Apr-2019
904
904
995
 
6.44%
  
Apr-2014
1,819
1,819
1,828
 
6.52%
  
May-2029
5,127
5,480
5,844
 
6.63%
  
Jun-2014 - Apr-2019
 3,233
3,233
3,453
 
6.80%
  
Jul-2016
287
287
308
 
6.85%
  
Aug-2014
40,852
40,852
41,050
 
7.01%
  
Apr-2031
3,076
3,079
3,382
 
7.07%
  
Feb-2031
15,457
15,584
16,909
 
7.18%
  
Aug-2016
187
187
202
 
7.20%
  
Aug-2029
855
843
859
 
7.26%
  
Dec-2018
6,913
7,054
7,483
 
7.50%
  
Dec-2014
229
228
235
 
7.75%
  
Dec-2024
1,544
1,544
1,610
 
8.40%
  
Jul-2023
388
383
390
 
8.50%
  
Nov-2019
2,475
2,625
2,920
 
8.63%
  
Sep-2028
5,848
5,848
5,879
       
                1,031,817
          1,036,117
             1,106,106
Total Fannie Mae Securities
    
 $              1,664,539
 $       1,683,068
 $          1,760,348
 
 
 
 
 
Schedule of Portfolio Investments
        
               
March 31, 2014 (Dollars in thousands; unaudited)
        
               
Freddie Mac Securities (14.3% of net assets)
        
               
               
 
       
       
 
       
Commitment
      
  Interest Rate Maturity Date Amount Face Amount Amortized Cost Value
               
Single Family
0.46%
4
Feb-2036
 $               -
 $        4,110
 $            4,110
 $         4,120
 
0.51%
4
Apr-2036 - Jan-2043
                          -
              23,224
                  23,237
               23,077
 
0.56%
4
Aug-2043
                          -
                9,835
                    9,828
                 9,792
 
0.64%
4
Oct-2040
                          -
                9,955
                    9,945
                 9,934
 
0.66%
4
Oct-2040 - Nov-2040
                          -
              36,922
                  36,775
               36,977
 
2.35%
4
Jun-2033 - Oct-2033
                          -
                2,623
                    2,601
                 2,775
 
2.52%
4
Jul-2035
                          -
                   649
                       647
                    691
 
3.00%
  
Aug-2042 - Jan-2043
                          -
            118,327
                122,089
             114,200
 
3.50%
  
Jan-2026 - Nov-2042
                          -
            111,012
                115,092
             112,634
 
4.00%
  
May-2014 - Jan-2041
                          -
              60,815
                  62,419
               63,639
 
4.50%
  
Aug-2018 - Nov-2043
                          -
            104,121
                109,781
             111,128
 
4.50%
  
Mar-2041
                          -
              38,362
                  40,663
               40,933
 
4.50%
  
Mar-2044
                          -
              20,000
                  21,396
               21,334
 
5.00%
  
Jan-2019 - Mar-2041
                          -
              36,617
                  37,545
               39,475
 
5.50%
  
Oct-2017 - Jul-2038
                          -
              14,279
                  14,198
               15,652
 
6.00%
  
Aug-2016 - Feb-2038
                          -
              11,711
                  11,887
               12,985
 
6.50%
  
Feb-2016 - Nov-2037
                          -
                1,551
                    1,570
                 1,728
 
7.00%
  
Dec-2015 - Mar-2030
                          -
                   100
                        92
                    113
 
7.50%
  
Aug-2029 - Apr-2031
                          -
                   104
                       100
                    124
 
8.00%
  
Jul-2015 - Feb-2030
                          -
                    47
                        45
                     55
 
8.50%
  
Nov-2018 - Jan-2025
                          -
                   117
                       117
                    138
 
9.00%
  
Mar-2025
                          -
                    95
                        95
                    116
               
       
                       -
         604,576
             624,232
          621,620
               
Multifamily1
5.38%
  
Dec-2028
                          -
              20,000
                  20,004
               21,788
 
5.42%
  
Apr-2016
                          -
                6,906
                    6,889
                 7,289
 
5.65%
  
Apr-2016
                          -
                4,610
                    4,616
                 4,968
       
                                      -
              31,516
                  31,509
               34,045
               
Forward Commitments1
2.95%
  
Aug-2017
                     2,585
                     -
                       (84)
                     57
Total Freddie Mac Securities
    
 $          2,585
 $     636,092
 $         655,657
 $      655,722
 
 
 
 
 
Schedule of Portfolio Investments
        
           
March 31, 2014 (Dollars in thousands; unaudited)
      
           
Commercial Mortgage-Backed Securities1 (2.4% of net assets)
    
           
           
           
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Nomura
2.77%
Dec-2045
 $           10,000
 $               10,195
 $              9,488
Deutsche Bank
2.94%
Jan-2046
              19,070
                  19,614
               18,291
Nomura
3.19%
Mar-2046
              20,000
                  20,497
               19,461
JP Morgan
3.48%
Jun-2045
              10,000
                  10,536
               10,126
Deutsche Bank/UBS
3.96%
Mar-2047
                5,000
                    5,150
                 5,130
Cantor/Deutsche Bank
4.01%
Apr-2047
              20,000
                  20,599
               20,568
Cantor/Deutsche Bank
4.24%
Feb-2047
                7,000
                    7,208
                 7,348
Deutsche Bank
5.00%
Nov-2046
              18,990
                  19,498
               21,194
Total Commercial Mortgage Backed Securities
 $          110,060
 $              113,297
 $           111,606
 
 
 
 
Schedule of Portfolio Investments
            
                 
March 31, 2014 (Dollars in thousands; unaudited)
        
                 
Other Mutifamily Investments (0.9% of net assets)
        
                 
                 
   
          Interest Rates3
    Commitment
    
 
Issuer
Permanent
Construction
Maturity Date
Amount
Face Amount
Amortized Cost
Value
                 
Direct Loans1
              
 
Fifth Housing Company, Inc.
-
2.70%
May-2014
 $         4,500
 $         2,404
 $          2,415
 $         2,400
 
First Housing Company, Inc.
-
2.70%
May-2014
            8,960
            6,081
            6,103
            6,071
 
Fourth Housing Company, Inc.
-
2.70%
May-2014
            9,630
            5,720
            5,744
            5,710
 
Second Housing Company, Inc.
-
2.70%
May-2014
          10,800
            5,083
            5,110
            5,072
 
Third Housing Company, Inc.
-
2.70%
May-2014
          15,110
            9,046
            9,083
            9,030
         
          49,000
          28,334
           28,455
          28,283
                 
                 
Privately Insured Construction/Permanent Mortgages1,5
      
 
IL Housing Development Authority
5.40%
5.40%
Mar-2047
            9,000
            8,460
            8,464
            7,860
 
IL Housing Development Authority
6.20%
-
Dec-2047
            3,325
            3,180
            3,194
            3,013
 
IL Housing Development Authority
6.40%
6.40%
Nov-2048
               993
               959
               971
              898
         
          13,318
          12,599
           12,629
          11,771
                 
Total Other Multifamily Investments
    
 $       62,318
 $        40,933
 $        41,084
 $       40,054
 
 
 
 
 
Schedule of Portfolio Investments
                  
                       
March 31, 2014 (Dollars in thousands; unaudited)
            
                       
State Housing Finance Agency Securities (5.8% of net assets)
        
                       
                       
    Interest Rates3   Commitment         
 
Issuer
Permanent
  
Construction
Maturity Date
Amount
Face Amount
  
Amortized Cost
Value
                       
Multifamily1
MassHousing
 -
  
3.25%
Oct-2015
6
 $       21,050
 $   21,050
  
 $       21,045
 $     21,053
 
MassHousing
 -
  
3.45%
Oct-2017
6
                52,543
           17,210
  
               16,943
             17,180
 
MassHousing
 -
  
3.50%
Oct-2015
6
                12,435
           12,435
  
               12,430
             12,425
 
MassHousing
 -
  
3.83%
Apr-2015
6
                  5,000
            5,000
  
                4,982
              5,028
 
MassHousing
 -
  
3.98%
Apr-2015
6
                  4,915
            4,915
  
                4,897
              4,916
 
MassHousing
 -
  
4.30%
Jun-2015
6
                34,700
            9,200
  
                9,200
              9,228
 
MassHousing
4.00%
  
 -
Dec-2028
  
 -
            5,000
  
                5,103
              4,989
 
NYC Housing Development Corp
4.04%
  
 -
Nov-2032
  
 -
            1,305
  
                1,305
              1,215
 
MassHousing
4.13%
  
 -
Dec-2036
  
 -
            5,000
  
                5,000
              4,749
 
MassHousing
4.20%
  
 -
Dec-2039
  
 -
            8,305
  
                8,305
              7,685
 
NYC Housing Development Corp
4.25%
  
 -
Nov-2025
  
 -
            1,150
  
                1,150
              1,171
 
NYC Housing Development Corp
4.29%
  
 -
Nov-2037
  
 -
            1,190
  
                1,190
              1,099
 
NYC Housing Development Corp
4.40%
  
 -
Nov-2024
  
 -
            4,120
  
                4,120
              4,285
 
NYC Housing Development Corp
4.44%
  
 -
Nov-2041
  
 -
            1,120
  
                1,120
              1,038
 
NYC Housing Development Corp
4.49%
  
 -
Nov-2044
  
 -
            1,000
  
                1,000
                 925
 
NYC Housing Development Corp
4.50%
  
 -
Nov-2030
  
 -
            1,680
  
                1,682
              1,716
 
MassHousing
4.50%
  
 -
Dec-2056
  
 -
           45,000
  
               45,000
             42,720
 
NYC Housing Development Corp
4.60%
  
 -
Nov-2030
  
 -
            4,665
  
                4,665
              4,717
 
NYC Housing Development Corp
4.70%
  
 -
Nov-2035
  
 -
            1,685
  
                1,685
              1,704
 
NYC Housing Development Corp
4.78%
  
 -
Aug-2026
  
 -
           12,500
  
               12,505
             12,473
 
NYC Housing Development Corp
4.80%
  
 -
Nov-2040
  
 -
            2,860
  
                2,862
              2,899
 
NYC Housing Development Corp
4.90%
   -
Nov-2034 - Nov-2041
   - 8,800   8,800 8,942
 
NYC Housing Development Corp
4.95%
   -
Nov-2039 - May-2047
   - 13,680   13,682 13,884
 
MassHousing
5.55%
  
 -
Nov-2039
  
 -
            5,000
  
                4,980
              5,178
 
MassHousing
5.69%
  
 -
Nov-2018
  
 -
            4,440
  
                4,443
              4,894
 
MassHousing
5.70%
  
 -
Jun-2040
  
 -
           14,010
  
               14,012
             14,326
 
NYC Housing Development Corp
5.92%
  
 -
Dec-2037
  
 -
            6,145
  
                6,149
              6,221
 
MassHousing
6.42%
  
 -
Nov-2039
  
 -
           22,000
  
               22,000
             23,576
 
MassHousing
6.50%
  
 -
Dec-2039
  
 -
               720
  
                   724
                 744
 
MassHousing
6.58%
  
 -
Dec-2039
  
 -
           11,385
  
               11,389
             11,911
 
MassHousing
6.70%
  
 -
Jun-2040
  
 -
           11,410
  
               11,410
             12,215
Total State Housing Finance Agency Securities
  
 $     130,643
 $ 263,980
  
 $    263,778
 $  265,106
 
 
 
 
Schedule of Portfolio Investments
        
           
March 31, 2014 (Dollars in thousands; unaudited)
      
           
United States Treasury Securities (6.1% of net assets)
      
           
           
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
 
0.63%
Nov-2017
 $             20,000
 $            19,959
 $           19,554
 
0.75%
Dec-2017 - Feb-2018
                30,000
              29,912
             29,380
 
0.88%
Jan-2018
                45,000
              45,021
             44,269
 
1.38%
Jul-2018
                15,000
              14,888
             14,911
 
1.38%
Sep-2018
                45,000
              45,040
             44,597
 
1.50%
Dec-2018 - Feb-2019
                35,000
              34,650
             34,700
 
2.13%
Aug-2021
                15,000
              15,180
             14,741
 
2.75%
Nov-2023 - Feb-2024
                20,000
              19,621
             20,090
 
2.73%
Feb-2024
                25,000
              24,987
             25,058
 
3.13%
May-2021
                30,000
              31,338
             31,599
Total United States Treasury Securities
  
 $           280,000
 $          280,596
 $         278,899
           
Total Fixed-Income Investments
  
 $        4,390,108
 $       4,449,418
 $      4,526,265
 
 
 
 
 
Schedule of Portfolio Investments
      
           
March 31, 2014 (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.7
  
1,000
 $                  1
 $                  -
 $             (306)
Total Equity Investment
  
1,000
 $                  1
 $                  -
 $             (306)

 
 
 
 

 
 
 
 
 
Schedule of Portfolio Investments
        
           
March 31, 2014 (Dollars in thousands; unaudited)
      
           
Short-Term Investments (2.0% of net assets)
        
           
           
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Blackrock Federal Funds 30
0.01%
 April 1, 2014
 $          90,982
 $             90,982
 $         90,982
Total Short-Term Investments
    
 $        90,982
 $           90,982
 $       90,982
           
           
Total Investments
    
 $   4,481,091
 $      4,540,401
 $  4,616,941
 
 
 
 
 
 

 
 
 
 
Schedule of Portfolio Investments
  
       
March 31, 2014
  
       
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 
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.
       
4 
The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
       
5 
Loans insured by Ambac Assurance Corporation, which are 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.
  
       
6 
Securities exempt from registration under the Securities Act of 1933 and 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 October 1, 2017.
 
The notes are backed by mortgages and are general obligations of MassHousing, therefore 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 supervsion of the HIT's Board of Trustees.
  
       
7 
The HIT holds the shares on Building America CDE, Inc. (BACDE), 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 for the HIT or parties other than the HIT. The fair value of the
 
HIT's investment in BACDE approximates its carrying value.
  
       
       
       
       
 
 
 
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited
As of March 31, 2014

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 (for example, 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, determine a benchmark yield, and utilize available trade information, dealer quotes, market color, and prepayment speed.

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

 
 
 
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 March 31, 2014:
  
Investment Securities:
($ in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
FHA Permanent Securities
$            -
$     152,963
$          14
$  152,977
Ginnie Mae Securities
   -
1,170,465
-
1,170,465
Ginnie Mae Construction Securities
   -
92,605
-
92,605
Fannie Mae Securities
   -
1,760,348
-
1,760,348
Freddie Mac Securities
   -
655,665
-
655,665
Commercial Mortgage-Backed Securities
   -
111,606
-
111,606
State Housing Finance Agency Securities
   -
265,106
-
265,106
Other Multifamily Investments
   -
11,772
28,283
40,054
United States Treasury Securities
   -
278,899
-
278,899
Equity Investments
-
-
(306)
(306)
Short-Term Investments
90,982
-
-
90,982
Other Financial Instruments*
   -
(1,460)
-
(1,460)
 
Total Investment
$  90,982
$  4,497,968
$   27,991
$4,616,941
 
*  Other financial instruments include forward commitments, TBA and when-issued securities.

 
 
 
The following table reconciles the valuation of the HIT’s Level 3 investment securities and related transactions for the period ended March 31, 2014.

Investments in Securities ($ in thousands)
 
FHA Permanent
Securities
Other Multifamily
Investments
Equity
Investments
Total
Beginning balance,12/31/2013
$15
$84,175
$(259)
$83,931
Total Unrealized Gain(Loss)(a)
-
(8)
(47)
(55)
Paydowns
(1)
-
-
(1)
Settlements
-
(55,884)
-
(55,884)
Ending balance, 3/31/2014
$14
$28,283
$(306)
 $27,991
 
(a)  
Net change in unrealized loss attributable to Level 3 securities held at March 31, 2014, totaled $(55,000) and is included in the Statement of Operations.

The HIT’s policy is to recognize transfers between levels as of the beginning of the reporting period. Level 3 investments in securities are not considered a significant portion of the HIT’s portfolio.

The HIT’s Level 3 securities primarily consist of five direct loans which were valued, in accordance with HIT’s valuation policies, near par at March 31, 2014 due to: expected remaining maturities of two months as of March 31, 2014; a coupon rate of 2.70%; and low loan-to-value estimates.

Federal Income Taxes
At March 31, 2014, the cost of investments for federal income tax purposes approximated book cost at amortized cost of $4,540,401,000.  Net unrealized gains aggregated $76,540,000 at period-end, of which $144,612,000 related to appreciated investments and $68,072,000 related to depreciated investments.

 
 
 
 
 
 

 

 
 
 
Item 2.  Controls and Procedures.

(a)  
The HIT’s Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial officer) have concluded that the design and operation of the HIT’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 HIT in this report is recorded, processed, summarized and reported within the time periods specified in the Securities and 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 HIT’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 HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting.


Item 3.  Exhibits.

Separate certifications for the principal executive officer and the principal financial officer of the HIT 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:  May 29, 2014

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: May 29, 2014

/s/ Erica Khatchadourian
Erica Khatchadourian
Chief Financial Officer
(Principal Financial Officer)
 
Date: May 28, 2014




 
 
 

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 “HIT”);

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 HIT as of the end of the fiscal quarter for which the report is filed;

4.           The HIT’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 HIT 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 HIT, 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 HIT’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 HIT’s internal control over financial reporting that occurred during the HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting; and

5.           The HIT’s other certifying officer(s) and I have disclosed to the HIT’s auditors and the audit committee of the HIT’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 HIT’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 HIT’s internal control over financial reporting.


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

Date: May 29, 2014
 
 
 
 

CERTIFICATION

I, Erica Khatchadourian, certify that:

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

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 HIT as of the end of the fiscal quarter for which the report is filed;

4.           The HIT’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 HIT 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 HIT, 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 HIT’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 HIT’s internal control over financial reporting that occurred during the HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting; and

5.           The HIT’s other certifying officer(s) and I have disclosed to the HIT’s auditors and the audit committee of the HIT’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 HIT’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 HIT’s internal control over financial reporting.
 
/s/ Erica Khatchadourian
Erica Khatchadourian
Chief Financial Officer
AFL-CIO Housing Investment Trust
 
Date: May 28, 2014