0001099910-15-000242.txt : 20151130 0001099910-15-000242.hdr.sgml : 20151130 20151130120218 ACCESSION NUMBER: 0001099910-15-000242 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151130 DATE AS OF CHANGE: 20151130 EFFECTIVENESS DATE: 20151130 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: 151259073 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 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: September 30, 2015


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

 
 
 

Item 1. Schedule of Investments

(Schedule of Investments)
 
 

Schedule of Portfolio Investments
        
           
September 30, 2015 (Dollars in thousands; unaudited)
      
           
FHA Permanent Securities (2.7% of net assets)
      
           
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Single Family
7.75%
Jul-2021
 $                  11
 $                 11
 $                11
           
Multifamily1
3.75%
Aug-2048
                 4,095
                4,091
              4,059
 
4.00%
Dec-2053
               65,725
              65,699
             66,102
 
5.35%
Mar-2047
                 7,430
                7,440
              7,659
 
5.55%
Aug-2042
                 8,078
                8,081
              8,237
 
5.60%
Jun-2038
                 2,501
                2,506
              2,525
 
5.65%
Oct-2038
                 1,942
                1,976
              1,941
 
5.80%
Jan-2053
                 2,062
                2,072
              2,281
 
5.87%
May-2044
                 1,803
                1,801
              1,945
 
5.89%
Apr-2038
                 4,696
                4,702
              4,836
 
6.02%
Jun-2035
                 4,670
                4,673
              4,718
 
6.20%
Apr-2052
               11,635
              11,631
             13,059
 
6.40%
Aug-2046
                 3,842
                3,844
              4,292
 
6.60%
Jan-2050
                 3,391
                3,423
              3,834
 
6.75%
Apr-2040 - Jul-2040
                 4,916
                4,900
              4,960
 
7.20%
Oct-2039
                 2,878
                2,883
              2,881
 
7.50%
Sep-2032
                 1,368
                1,364
              1,471
 
7.93%
Apr-2042
                 2,706
                2,706
              2,884
     
             133,738
            133,792
           137,684
Total FHA  Permanent Securities
  
 $          133,749
 $         133,803
 $        137,695
 
 
 
 
Schedule of Portfolio Investments
          
               
September 30, 2015 (Dollars in thousands; unaudited)
          
               
Ginnie Mae Securities (24.6% of net assets)
          
       
Unfunded
      
 
Interest Rate
Maturity Date
  
Committments2
Face Amount
Amortized Cost
Value
               
Single Family
4.00%
Feb-2040 - Jun-2040
   $                      - $               7,779
 $                  7,882
 $               8,326
 
4.50%
Aug-2040
  
                         -
                  4,736
                     4,850
                  5,160
 
5.50%
Jan-2033 - Jun-2037
   - 4,175 4,158 4,710
 
6.00%
Jan-2032 - Aug-2037
   - 2,764 2,763  3,187
 
6.50%
Jul-2028
  
                         -
                       62
                          62
                       73
 
7.00%
Nov-2016 - Jan-2030
   - 1,443 1,451  1,692
 
7.50%
Nov-2017 - Aug-2030
   - 788  798 929
 
8.00%
Jun-2023 - Nov-2030
   - 568 580 682
 
8.50%
Jun-2022 - Aug-2027
   - 546 550 633
 
9.00%
Mar-2017 - Jun-2025
   -  169  170 193
 
9.50%
Sep-2021 - Sep-2030
   - 54 55 63
 
 
 
                         -
                     23,084
                     23,319
              25,648
               
Multifamily1
1.73%
May-2042
  
                         -
                  6,250
                     6,266
                  6,263
 
2.11%
Apr-2033
  
                         -
                  5,053
                     5,084
                  5,059
 
2.18%
May-2039
  
                         -
                12,040
                   12,150
                12,170
 
2.25%
Dec-2048
  
                         -
                15,129
                   14,993
                15,198
 
2.31%
Nov-2051
  
                         -
                  7,076
                     7,079
                  6,798
 
2.32%
Apr-2054
  
                         -
                22,952
                   23,620
                21,746
 
2.35%
Dec-2040 - Jan-2054
   - 23,778 24,355 23,122
 
2.40%
Aug-2047
  
                         -
                15,927
                   15,972
                16,031
 
2.50%
Jul-2045
  
                         -
                  9,901
                   10,107
                10,115
 
2.53%
Jul-2038
  
                         -
                10,050
                   10,197
                10,214
 
2.55%
Feb-2048
  
                         -
                22,918
                   23,116
                22,011
 
2.70%
Jan-2053
  
                         -
                51,015
                   51,501
                50,306
 
2.72%
Feb-2044
  
                         -
                  2,812
                     2,907
                  2,842
 
2.82%
Apr-2050
  
                         -
                  1,500
                     1,537
                  1,506
 
2.87%
Feb-2036 - Dec-2043
   - 25,000 25,366  25,577
 
2.89%
Mar-2046
  
                         -
                32,000
                   32,263
                32,392
 
3.00%
Mar-2051
  
                         -
                20,000
                   20,122
                20,240
 
3.05%
May-2044
  
                         -
                45,500
                   45,864
                46,793
 
3.05%
May-2054
  
                         -
                11,545
                   11,612
                11,481
 
3.06%
Aug-2040
  
                         -
                10,000
                   10,288
                10,183
 
3.10%
Jan-2044
  
                         -
                23,000
                   23,380
                23,826
 
3.13%
Nov-2040
  
                         -
                  2,000
                     2,060
                  2,059
 
3.17%
Oct-2043
  
                         -
                  3,934
                     3,982
                  3,967
 
3.19%
Jan-2049
  
                         -
                17,025
                   17,778
                17,190
 
3.20%
Jul-2041 - Oct-2053
   - 24,846 25,013  25,438
 
3.25%
Sep-2054
  
                         -
                35,000
                   34,664
                35,921
 
3.26%
Feb-2038 - Nov-2043
   -  25,000 25,195  25,649
 
3.30%
May-2055
  
                         -
                10,000
                     9,491
                10,164
 
3.33%
Jun-2043
  
                         -
                15,000
                   15,578
                15,671
 
3.35%
Nov-2042 - Mar-2044
   - 25,000 24,412 25,928
 
3.37%
Dec-2046
  
                         -
                19,200
                   19,503
                19,918
 
3.40%
Apr-2017 - Jul-2046
   - 8,560  8,849 8,832
 
3.49%
Mar-2042
  
                         -
                28,000
                   29,251
                29,269
 
3.49%
Feb-2044
  
                         -
                  4,000
                     4,238
                  4,118
 
3.50%
Feb-2051
  
                         -
                10,646
                   10,578
                11,092
 
3.50%
Jan-2054
  
                         -
                20,717
                   20,609
                21,566
 
3.55%
May-2042
  
                         -
                10,000
                   10,188
                10,578
 
3.64%
Nov-2044
  
                         -
                33,813
                   34,962
                35,075
 
3.67%
Oct-2043
  
                         -
                  6,813
                     6,865
                  6,879
 
3.69%
Sep-2041
  
                         -
                10,000
                   10,732
                10,558
 
3.70%
Sep-2052
  
                         -
                  6,500
                     6,777
                  6,934
 
3.71%
Nov-2052
  
                         -
                  9,587
                   10,419
                10,175
 
3.77%
Dec-2045
  
                         -
                  8,583
                     8,160
                  9,013
 
3.81%
Nov-2053
  
                         -
                54,473
                   55,110
                56,976
 
3.81%
Dec-2053
  
                         -
                10,761
                   10,865
                11,268
 
3.82%
Sep-2046
  
                         -
                10,000
                   10,832
                10,430
 
3.85%
Oct-2054
  
                         -
                31,570
                   31,735
                33,706
 
3.95%
Jul-2053
  
                         -
                  5,996
                     6,010
                  6,343
 
3.96%
Jun-2045
  
                         -
                20,000
                   20,285
                21,305
 
3.99%
Sep-2043
  
                         -
                11,426
                   11,928
                11,638
 
4.00%
May-2049
  
                         -
                16,704
                   18,071
                17,352
 
4.01%
Apr-2046
  
                         -
                10,000
                   10,034
                10,574
 
4.05%
Feb-2052
  
                         -
                  6,445
                     6,448
                  6,739
 
4.15%
Apr-2053
  
                         -
                68,365
                   69,699
                72,405
 
4.15%
Jun-2053
  
                         -
                  2,225
                     2,259
                  2,340
 
4.24%
May-2041
  
                         -
                  7,000
                     7,430
                  7,220
 
4.25%
Sep-2038
  
                         -
                38,187
                   38,438
                40,137
 
4.42%
Feb-2031
  
                         -
                31,934
                   32,085
                33,475
 
4.45%
Jun-2055
  
                         -
                  2,644
                     2,531
                  2,914
 
4.63%
Sep-2037
3
                         -
                  1,500
                     1,460
                  1,512
 
 
 
 
Schedule of Portfolio Investments
          
               
September 30, 2015 (Dollars in thousands; unaudited)
          
               
Ginnie Mae Securities (24.6% of net assets)
 
 
 
Interest Rate
Maturity Date
  Unfunded
Committments2
Face
Amount
Amortized
Cost
Value
 
4.86%
Jan-2053
  
                         -
                41,435
                   41,740
                44,951
 
4.90%
Mar-2044
3
                         -
                  1,000
                        991
                  1,013
 
4.94%
Jun-2046
3
                         -
                  3,670
                     3,675
                  3,672
 
5.01%
Mar-2038
  
                         -
                  5,966
                     6,175
                  6,081
 
5.05%
Apr-2049
3
                         -
                  2,795
                     2,797
                  2,843
 
5.15%
Dec-2050
  
                         -
                15,385
                   15,233
                17,135
 
5.21%
Mar-2053
  
                         -
                49,020
                   49,080
                54,590
 
5.25%
Apr-2037
  
                         -
                19,750
                   19,742
                21,545
 
5.34%
Jul-2040
  
                         -
                18,000
                   17,734
                19,623
 
5.55%
May-2049
3
                         -
                10,205
                   10,207
                10,426
       
                         -
           1,204,126
              1,219,677
           1,248,080
               
Forward Commitments1,2
4.70%
Sep-2056
  
                    3,400
                        -
                        170
                     185
               
Total Ginnie Mae Securities
    
 $                 3,400
 $        1,227,210
 $           1,243,166
 $        1,273,913
 
 
 
 
 
Schedule of Portfolio Investments
            
                 
September 30, 2015 (Dollars in thousands; unaudited)
          
                 
Ginnie Mae Construction Securities (2.2% of net assets)
          
                 
                 
 
Interest Rates4
    
Unfunded
      
 
Permanent
Construction
Maturity Date
  
Commitments2
Face Amount
Amortized Cost
Value
                 
Multifamily1
3.10%
3.10%
Apr-2055
  
 $          2,271
 $          2,795
 $             2,795
 $            2,804
 
3.30%
3.30%
Jul-2057
  
           24,562
             1,365
                2,150
               1,207
 
3.50%
3.50%
Mar-2057-Jan-2058
    46,552  1,727 3,408  2,878
 
3.55%
3.55%
Apr-2057
  
           38,962
             2,668
                3,824
               2,769
 
3.60%
3.60%
Jun-2057
  
             9,016
             5,300
                5,871
               5,774
 
3.85%
6.25%
Jan-2056
  
             5,131
           28,268
              28,614
             31,035
 
3.90%
3.90%
Apr-2055
  
             1,119
           15,852
              16,528
             17,040
 
4.09%
4.09%
Feb-2056
  
           11,540
           46,545
              47,428
             51,259
Total Ginnie Mae Construction Securities
    
 $       139,153
 $      104,520
 $          110,618
 $         114,766
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
      
             
September 30, 2015 (Dollars in thousands; unaudited)
  
             
Fannie Mae Securities (35.3% of net assets)
      
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
Single Family
0.44%
5
Mar-2037
 $                       573
 $                567
 $                   573
 
0.49%
5
Jul-2043
                     18,894
              18,750
                 18,753
 
0.51%
5
Jun-2037
                       2,610
                2,610
                   2,613
 
0.54%
5
Mar-2043
                     15,892
              15,851
                 15,832
 
0.54%
5
Nov-2044
                     35,702
              35,707
                 35,595
 
0.57%
5
Nov-2042
                     10,631
              10,636
                 10,591
 
0.59%
5
Apr-2037 - Oct-2044
 26,933 26,992 26,875
 
0.65%
5
Oct-2042
                       8,952
             8,999
                   8,963
 
0.69%
5
Dec-2040
                     29,144
              28,919
                 29,275
 
0.69%
5
Feb-2042 - Feb-2043
 28,959  28,978 29,108
 
0.71%
5
Jun-2042
                       6,425
                6,465
                   6,488
 
0.74%
5
Mar-2042
                     15,638
              15,670
                 15,721
 
0.79%
5
Mar-2042 - Oct-2043
 20,741 20,818 20,967
 
0.89%
5
Dec-2040
                       5,555
                5,575
                   5,592
 
1.93%
5
Nov-2033
                       3,330
                3,332
                   3,496
 
1.98%
5
Aug-2033
                         255
                   255
                      267
 
2.24%
5
Nov-2034
                       1,556
                1,602
                   1,647
 
2.26%
5
Apr-2034 - Sep-2035
 2,749 2,795 2,918
 
2.31%
5
Jul-2033
                         464
                   461
                      492
 
2.38%
5
May-2033
                         768
                   771
                      821
 
2.43%
5
Aug-2033
                       2,119
                2,115
                   2,254
 
2.47%
5
Jul-2033 - Aug-2033
 3,519 3,528 3,752
 
3.00%
  
Apr-2042 - Dec-2042
 17,014 17,567 17,290
 
3.50%
  
Oct-2026 - Jun-2045
 80,372  83,648 83,994
 
4.00%
  
Jun-2018 - Jan-2045
 77,652 80,294 82,928
 
4.50%
  
Mar-2018 - May-2044
 112,168 117,674 121,518
 
5.00%
  
Sep-2016 - Apr-2041
 31,168 32,170 34,128
 
5.50%
  
Jul-2017 - Jun-2038
 17,159 17,225  19,126
 
6.00%
  
Apr-2016 - Nov-2037
 9,456 9,517 10,850
 
6.50%
  
Nov-2016 - Jul-2036
 1,981 2,024 2,255
 
7.00%
  
Nov-2016 - May-2032
 1,387 1,389 1,617
 
7.50%
  
Nov-2016 - Sep-2031
 472 472 545
 
8.00%
  
Apr-2030 - May-2031
 77 79 83
 
8.50%
  
Dec-2021 - Apr-2031
 63 64 70
 
9.00%
  
May-2025
  1 1 1
       
                   590,379
             603,520
                616,998
             
Multifamily1
2.21%
  
Dec-2022
24,371
24,393
24,377
 
2.21%
  
Dec-2022
32,112
32,143
32,120
 
2.24%
  
Dec-2022
32,096
32,126
32,158
 
2.26%
  
Nov-2022
6,657
6,698
6,681
 
2.48%
  
Jul-2021
45,000
45,159
46,279
 
2.71%
  
Jan-2021
8,775
8,786
9,064
 
2.84%
  
Mar-2022
3,694
3,721
3,836
 
2.85%
  
Mar-2022
33,000
33,126
34,251
 
2.99%
  
Jun-2025
2,750
2,768
2,813
 
3.02%
  
Jun-2027
4,159
4,184
4,206
 
3.04%
  
Apr-2030
25,100
25,264
24,618
 
3.05%
  
Apr-2030
28,800
28,860
28,355
 
3.12%
  
Apr-2030
14,000
14,008
13,971
 
3.18%
  
May-2035
12,422
12,684
12,368
 
3.21%
  
May-2030
7,460
7,668
7,504
 
3.22%
  
Sep-2026
28,451
28,526
29,405
 
3.36%
  
Dec-2023 - Oct-2029
20,633
20,711
21,445
 
3.40%
  
Oct-2026
3,155
3,188
3,313
 
3.41%
  
Sep-2023
14,532
14,747
15,352
 
3.42%
  
Apr-2035
5,555
5,682
5,637
 
3.43%
  
Oct-2026
7,608
7,686
7,986
 
3.46%
  
Dec-2023
3,500
3,523
3,748
 
3.54%
  
Oct-2021
7,371
7,410
7,893
 
3.61%
  
Sep-2023
6,732
6,829
7,179
 
3.63%
  
Jul-2035
21,987
22,034
22,649
 
3.66%
  
Jul-2021
115,562
115,685
124,726
 
3.66%
  
Oct-2023
4,946
5,030
5,290
 
3.87%
  
Sep-2023
2,595
2,687
2,803
 
4.00%
  
Sep-2021
15,637
15,652
16,656
 
4.03%
  
Oct-2021
7,088
7,095
7,734
 
4.06%
  
Oct-2025
24,987
25,112
27,271
 
4.15%
  
Jun-2021
9,207
9,223
10,127
 
4.22%
  
Jul-2018
1,473
1,472
1,535
 
4.25%
  
May-2021
4,233
4,234
4,659
 
4.27%
  
Nov-2019
5,955
5,949
6,471
 
4.32%
  
Nov-2019
2,941
2,941
3,203
 
4.33%
  
Nov-2019 - Mar-2021
5,980
5,981
6,555
 
4.33%
  
Mar-2020
19,674
19,665
21,580
 
4.38%
  
Apr-2020
10,106
10,117
11,069
 
4.44%
  
May-2020
5,990
5,992
6,584
 
4.49%
  
Jun-2021
973
981
1,079
 
4.50%
  
Feb-2020
4,198
4,197
4,482
 
4.52%
  
Nov-2019 - May-2021
7,130
7,166
7,865
 
4.55%
  
Nov-2019
2,813
2,812
3,080
 
4.56%
  
Jul-2019 - May-2021
 8,363
8,381
9,143
 
4.64%
  
Aug-2019
17,988
17,988
19,691
 
4.66%
  
Jul-2021
1,322
1,332
1,430
 
Schedule of Portfolio Investments
      
             
September 30, 2015 (Dollars in thousands; unaudited)
  
             
Fannie Mae Securities (35.3% of net assets)
 
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
 
4.68%
  
Jul-2019
12,996
12,974
14,220
 
4.69%
  
Jan-2020 - Jun-2035
13,899
13,946
15,324
 
4.71%
  
Mar-2021
5,830
5,881
6,490
 
4.73%
  
Feb-2021
1,530
1,541
1,703
 
4.80%
  
Jun-2019
2,123
2,120
2,325
 
4.86%
  
May-2019
1,419
1,417
1,556
 
4.89%
  
Nov-2019
865
867
956
 
4.94%
  
Apr-2019
3,440
3,435
3,768
 
5.00%
  
Jun-2019
1,853
1,851
2,040
 
5.02%
  
Jun-2019
803
805
885
 
5.04%
  
Jun-2019
1,834
1,833
2,022
 
5.05%
  
Jun-2019 - Jul-2019
3,130
3,128
3,451
 
5.08%
  
Apr-2021
40,000
40,002
44,712
 
5.09%
  
Jun-2018
6,242
6,296
6,625
 
5.11%
  
Jul-2019
856
860
944
 
5.12%
  
Jul-2019
8,562
8,548
9,440
 
5.13%
  
Jul-2019
870
869
962
 
5.15%
  
Oct-2022
2,773
2,786
3,028
 
5.25%
  
Jan-2020
6,704
6,710
7,481
 
5.29%
  
May-2022
5,164
5,164
5,854
 
5.30%
  
Aug-2029
6,292
6,173
7,055
 
5.37%
  
Jun-2017
1,346
1,353
1,385
 
5.39%
  
Jan-2018
1,652
1,648
1,661
 
5.45%
  
May-2033
2,708
2,718
2,915
 
5.46%
  
Feb-2017
39,462
39,508
41,072
 
5.47%
  
Aug-2024
8,141
8,178
9,015
 
5.52%
  
Mar-2018
577
582
613
 
5.53%
  
Apr-2017
59,678
59,678
62,363
 
5.59%
  
May-2017
6,574
6,572
6,751
 
5.60%
  
Feb-2018 - Jan-2024
10,590
10,590
12,013
 
5.63%
  
Dec-2019
6,135
6,152
6,584
 
5.69%
  
Jun-2041
4,785
4,926
5,375
 
5.70%
  
Jun-2016
1,294
1,294
1,304
 
5.75%
  
Jun-2041
2,320
2,398
2,616
 
5.86%
  
Dec-2016
63
63
65
 
5.91%
  
Mar-2037
1,917
1,956
2,166
 
5.92%
  
Dec-2016
38
38
40
 
5.96%
  
Jan-2029
377
378
415
 
6.03%
  
Jun-2017 - Jun-2036
4,775
4,829
4,944
 
6.06%
  
Jul-2034
9,096
9,299
10,123
 
6.11%
  
Aug-2017
3,418
3,423
3,645
 
6.13%
  
Dec-2016
592
592
619
 
6.14%
  
Sep-2033
281
294
309
 
6.15%
  
Jul-2019
32,269
32,271
36,069
 
6.15%
  
Oct-2032
6,851
6,887
7,138
 
6.22%
  
Aug-2032
1,615
1,640
1,733
 
6.23%
  
Sep-2034
1,328
1,371
1,484
 
6.28%
  
Nov-2028
2,655
2,763
2,933
 
6.35%
  
Aug-2032
9,861
9,887
10,607
 
6.38%
  
Jul-2021
5,238
5,251
6,103
 
6.39%
  
Apr-2019
865
863
890
 
6.52%
  
May-2029
4,879
5,165
5,464
 
6.63%
  
Apr-2019
1,966
1,966
2,016
 
6.80%
  
Jul-2016
108
108
111
 
7.01%
  
Apr-2031
2,941
2,942
3,015
 
7.07%
  
Feb-2031
14,755
14,855
15,002
 
7.18%
  
Aug-2016
76
76
78
 
7.20%
  
Aug-2029
810
800
813
 
7.26%
  
Dec-2018
4,993
5,033
5,013
 
7.75%
  
Dec-2024
1,405
1,405
1,410
 
8.40%
  
Jul-2023
346
343
348
 
8.50%
  
Nov-2019
1,952
2,019
2,222
 
8.63%
  
Sep-2028
5,220
5,220
5,244
       
                1,072,218
          1,076,156
             1,134,768
             
When Issued6
0.57%
  
Nov-2025
22,318
22,332
22,276
 
3.20%
  
Oct-2027
11,000
11,120
11,233
 
3.25%
  
Nov-2027
10,990
11,110
11,285
 
3.31%
  
Oct-2027
16,320
16,636
16,821
 
3.77%
  
Dec-2033
10,500
10,804
10,860
       
                     71,128
              72,002
                 72,475
Total Fannie Mae Securities
  
 $              1,733,725
 $       1,751,678
 $          1,824,241
 
 
 
 
Schedule of Portfolio Investments
          
             
September 30, 2015 (Dollars in thousands; unaudited)
      
             
Freddie Mac Securities (14.8% of net assets)
      
             
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
             
Single Family
0.51%
5
Feb-2036
 $             2,632
 $                 2,632
 $              2,644
 
0.54%
5
May-2037
                   538
                       538
                    538
 
0.56%
5
Apr-2036 - Mar-2045
              42,195
                  42,228
               42,099
 
0.61%
5
Aug-2043
                7,951
                    7,945
                 7,949
 
0.69%
5
Oct-2040
                7,093
                    7,086
                 7,138
 
0.71%
5
Oct-2040 - Jun-2044
              65,092
                  65,108
               65,434
 
0.76%
5
Nov-2040
                8,048
                    8,138
                 8,102
 
0.88%
5
Aug-2037
                6,790
                    6,891
                 6,898
 
2.36%
5
Oct-2033
                1,416
                    1,403
                 1,506
 
2.47%
5
Jun-2033
                   610
                       608
                    652
 
2.52%
5
Jul-2035
                   532
                       530
                    566
 
3.00%
  
Aug-2042 - Nov-2043
            126,331
                128,910
             128,146
 
3.50%
  
Jan-2026 - Jul-2045
            171,573
                177,150
             179,114
 
4.00%
  
Aug-2020 - Mar-2045
            144,558
                152,755
             154,174
 
4.50%
  
Aug-2018 - Dec-2044
            105,266
                111,130
             114,346
 
5.00%
  
Jan-2019 - Mar-2041
              21,010
                  21,376
               22,704
 
5.50%
  
Oct-2017 - Jul-2038
                8,888
                    8,836
                 9,845
 
6.00%
  
Aug-2016 - Feb-2038
                8,046
                    8,150
                 9,243
 
6.50%
  
Feb-2016 - Nov-2037
                1,301
                    1,315
                 1,511
 
7.00%
  
Jan-2016 - Mar-2030
                    77
                        71
                     92
 
7.50%
  
Aug-2029 - Apr-2031
                    81
                        79
                    100
 
8.00%
  
Aug-2017 - Feb-2030
                    19
                        18
                     23
 
8.50%
  
Nov-2018 - Jan-2025
                    99
                        99
                    116
 
9.00%
  
Mar-2025
                    60
                        60
                     72
       
          730,206
              753,056
           763,012
             
Multifamily1
2.95%
  
Jan-2018
                1,855
                    1,816
                 1,911
 
5.65%
  
Apr-2016
                   392
                       392
                    396
       
                2,247
                    2,208
                 2,307
Total Freddie Mac Securities
    
 $          732,453
 $              755,264
 $           765,319
 
 
 
 
 
Schedule of Portfolio Investments
        
           
September 30, 2015 (Dollars in thousands; unaudited)
      
           
Commercial Mortgage-Backed Securities (2.8% of net assets)
    
           
           
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
Nomura
2.77%
Dec-2045
 $           10,000
 $               10,180
 $            10,089
Deutsche Bank
2.94%
Jan-2046
              19,070
                  19,575
               19,425
Nomura
3.19%
Mar-2046
              20,000
                  20,434
               20,481
JP Morgan
3.48%
Jun-2045
              10,000
                  10,503
               10,559
Citigroup
3.62%
Jul-2047
                8,000
                    8,228
                 8,367
Barclays/ JP Morgan
3.81%
Jul-2047
                2,250
                    2,314
                 2,392
RBS/ Wells Fargo
3.82%
Aug-2050
                5,000
                    5,143
                 5,280
Deutsche Bank/UBS
3.96%
Mar-2047
                5,000
                    5,141
                 5,369
Barclays/ JP Morgan
4.00%
Apr-2047
                5,000
                    5,142
                 5,367
Cantor/Deutsche Bank
4.01%
Apr-2047
              20,000
                  20,566
               21,511
Barclays/ JP Morgan
4.08%
Feb-2047
                6,825
                    7,200
                 7,404
Cantor/Deutsche Bank
4.24%
Feb-2047
                7,000
                    7,196
                 7,676
Deutsche Bank
5.00%
Nov-2046
              18,990
                  19,472
               21,471
Total Commercial Mortgage Backed Securities
 $          137,135
 $              141,094
 $           145,391
 
 
 
 
Schedule of Portfolio Investments
              
                 
September 30, 2015 (Dollars in thousands; unaudited)
          
                 
State Housing Finance Agency Securities (5.2% of net assets)
        
                 
   
Interest Rates4
          
 
Issuer
Permanent
Construction
Maturity Date
  
Face Amount
Amortized Cost
Value
                 
Multifamily1
Minnesota Housing Authority
 -
0.60%
May-2016
  
 $        27,000
 $            27,017
 $          26,993
 
MassHousing
 -
3.45%
Oct-2017
7
           32,392
               32,230
             32,367
 
MassHousing
 -
3.45%
Oct-2017
7
           13,891
               13,892
             13,872
 
NYC Housing Development Corp
3.75%
              -
May-2035
  
            5,000
                5,000
              5,038
 
MassHousing
4.00%
 -
Dec-2028
  
            5,000
                5,104
              5,134
 
NYC Housing Development Corp
4.04%
 -
Nov-2032
  
            1,305
                1,305
              1,293
 
MassHousing
4.13%
 -
Dec-2036
  
            5,000
                5,000
              5,006
 
MassHousing
4.20%
 -
Dec-2039
  
            8,305
                8,305
              8,305
 
NYC Housing Development Corp
4.25%
 -
Nov-2025
  
            1,150
                1,150
              1,181
 
NYC Housing Development Corp
4.29%
 -
Nov-2037
  
            1,190
                1,190
              1,187
 
NYC Housing Development Corp
4.40%
 -
Nov-2024
  
            4,120
                4,120
              4,361
 
NYC Housing Development Corp
4.44%
 -
Nov-2041
  
            1,120
                1,120
              1,131
 
NYC Housing Development Corp
4.49%
 -
Nov-2044
  
            1,000
                1,000
              1,011
 
NYC Housing Development Corp
4.50%
 -
Nov-2030
  
            1,680
                1,682
              1,733
 
MassHousing
4.50%
 -
Dec-2056
  
           45,000
               45,000
             45,375
 
NYC Housing Development Corp
4.60%
 -
Nov-2030
  
            4,665
                4,665
              4,775
 
NYC Housing Development Corp
4.70%
 -
Nov-2035
  
            1,685
                1,685
              1,723
 
NYC Housing Development Corp
4.78%
 -
Aug-2026
  
           12,500
               12,503
             12,958
 
NYC Housing Development Corp
4.80%
 -
Nov-2040
  
            2,860
                2,862
              2,933
 
NYC Housing Development Corp
4.90%
 -
Nov-2034 - Nov-2041
   8,800 8,800  9,027
 
NYC Housing Development Corp
4.95%
 -
Nov-2039 - May-2047
   13,680 13,682  14,073
 
MassHousing
5.55%
 -
Nov-2039
  
            5,000
                4,980
              5,416
 
MassHousing
5.69%
 -
Nov-2018
  
            3,195
                3,196
              3,318
 
MassHousing
5.70%
 -
Jun-2040
  
           13,635
               13,637
             14,237
 
MassHousing
6.42%
 -
Nov-2039
  
           22,000
               22,000
             23,647
 
MassHousing
6.50%
 -
Dec-2039
  
               705
                   707
                 751
 
MassHousing
6.58%
 -
Dec-2039
  
           11,385
               11,388
             12,203
 
MassHousing
6.70%
 -
Jun-2040
  
           11,165
               11,165
             11,946
Total State Housing Finance Agency Securities
      
 $      264,428
 $          264,385
 $        270,994
 
 
 
 
Schedule of Portfolio Investments
            
                 
September 30, 2015 (Dollars in thousands; unaudited)
        
                 
Other Mutifamily Investments (0.3% of net assets)
          
                 
                 
   
Interest Rates4
  
Unfunded
      
 
Issuer
Permanent
Construction
Maturity Date
Commitments2
Face Amount
Amortized Cost
Value
                 
Direct Loans1
              
 
Harry Silver Housing Company, Inc.
 -
2.70%
Oct-2016
 $                -
 $         5,197
 $          5,201
 $         5,192
 
Harry Silver Housing Company, Inc.
 -
2.70%
Oct-2016
              2,803
                 -
                 -
                 (2)
         
              2,803
            5,197
            5,201
            5,190
Privately Insured Construction/Permanent Mortgages1,8
        
 
IL Housing Development Authority
5.40%
 -
Mar-2047
                   -
            8,315
            8,318
            8,044
 
IL Housing Development Authority
6.20%
 -
Dec-2047
                   -
            3,136
            3,147
            3,072
 
IL Housing Development Authority
6.40%
  
Nov-2048
                   -
               947
               959
              917
         
                   -
          12,398
           12,424
          12,033
Total Other Multifamily Investments
    
 $           2,803
 $        17,595
 $        17,625
 $       17,223
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
        
           
September 30, 2015 (Dollars in thousands; unaudited)
      
           
United States Treasury Securities (10.4% of net assets)
      
           
           
 
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
           
 
0.75%
Feb-2018
 $             10,000
 $             9,997
 $            9,993
 
1.38%
Sep-2018
                25,000
              24,971
             25,325
 
1.50%
Dec-2018 - Feb-2019
                30,000
              29,791
             30,455
 
2.13%
Aug-2021
                 5,000
                5,048
               5,146
 
2.13%
May-2025
              105,000
             103,126
            105,632
 
2.25%
Nov-2024
                65,000
              67,210
             66,215
 
2.38%
Aug-2024
                90,000
              90,505
             92,695
 
2.50%
May-2024
                50,000
              49,636
             52,082
 
2.75%
Nov-2023
                20,000
              19,673
             21,293
 
2.75%
Feb-2024
                25,000
              24,989
             26,570
 
2.88%
Aug-2045
                10,000
              10,268
               9,995
 
3.13%
May-2021
                30,000
              31,075
             32,530
 
3.13%
Aug-2044
                55,000
              56,815
             57,567
Total United States Treasury Securities
  
 $           520,000
 $          523,104
 $         535,498
           
Total Fixed-Income Investments
  
 $        4,870,815
 $       4,940,737
 $      5,085,040
 
 
 
 
 
 
 
 
 
 
 
Schedule of Portfolio Investments
      
           
September 30, 2015 (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
 $                  -
 $                42
Total Equity Investment
  
1,000 
 $                  1
 $                  -
 $                42
 
 
 
 
 
 
 
 

 
 
 
 
 
Schedule of Portfolio Investments
          
             
September 30, 2015 (Dollars in thousands; unaudited)
      
             
Short-Term Investments (2.8% of net assets)
      
             
             
Issuer
Interest Rate
Maturity Date
Face Amount
Amortized Cost
Value
             
NYC Housing Development Corp
0.01%
10
Dec-2045
 $            8,265
 $                8,265
 $         8,265
Blackrock Federal Funds 30
0.01%
  
Oct-2015
         136,784
            136,784
      136,784
Total Short-Term Investments
    
 $      145,049
 $         145,049
 $   145,049
             
             
Total Investments
      
 $   5,015,865
 $      5,085,787
 $5,230,131

 
 
 
Schedule of Portfolio Investments
     
September 30, 2015
     
Footnotes
  
     
1 
Valued by the HIT's management in accordance with the fair value procedures adopted by the HIT's Board of Trustees.
     
2 
The HIT may make commitments in securities or loans that fund over time on a draw basis or forward commitments that fund
 
at a single point in time.   The unfunded amount of these commitments totaled $145.4 million at period end.  Generally, GNMA
 
construction securities fund over a 12- to 24-month period.  Funding periods for State Housing Finance Agency construction
 
securities and Direct Loans vary by deal, but generally fund over a zero- to 48-month period.  Forward commitments generally
 
settle within 12 months of the original commitment date.
     
3 
Tax-exempt bonds collateralized by Ginnie Mae securities.
     
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 these floating or adjustable rate securities represents the rate at period end.
     
6 
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.
     
7 
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 supervision
 
of the HIT's Board of Trustees.
     
8 
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.
     
9 
The HIT holds the shares of Building America CDE, Inc. (Building America or BACDE), a wholly owned subsidiary of the HIT.
 
Building America is a Community Development Entity, certified by the Community Development Financial Institutions Fund
 
of the U.S. Department of Treasury. The fair value of the HIT's investment in BACDE approximates its carrying value.
     
10 
Variable rate bond with a weekly interest rate reset and can be redeemed at par, with accrued and unpaid interest, with a
 
seven-day advance notice. The coupon rate shown represents the rate at period end.

 
 
 
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited
As of September 30, 2015

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, 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. HIT follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

   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. Following is 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.

Portfolio securities for which market quotations are readily available (for example, U.S. Treasury securities, government-sponsored enterprise debt 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.

 
 
 
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited
As of September 30, 2015
 
 
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 investment 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 would be appropriate based on any material impairments on value arising from specific facts and circumstances of the investment (e.g., prepayment speed). All such proposed adjustments must be reviewed and approved by 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 investment 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. (Building America or BACDE), a wholly owned subsidiary of the HIT. The shares of Building America are valued at their fair value, determined in good faith under consistently applied procedures adopted by the HIT’s Board of Trustees, which approximates Building America’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 September 30, 2015:

Investment Securities:
($ in thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
FHA Permanent Securities
        
Multi-Family       
$               -
$          137,684
$              -
$   137,684
Single Family       
   -
   -
11
11
Total FHA Permanent Securities
   -
137,684
11
137,695
Ginnie Mae Securities
   -
1,273,728
-
1,273,728
Ginnie Mae Construction Securities
   -
114,249
-
114,249
Fannie Mae Securities
   -
1,751,766
-
1,751,766
Freddie Mac Securities
   -
765,319
-
765,319
Commercial Mortgage-Backed Securities
   -
145,391
-
145,391
State Housing Finance Agency Securities
   -
270,994
-
270,994
Other Multifamily Investments
        
Direct Loans
-
-
5,190
5,190
Privately Insured Construction/Permanent Mortgages
-
12,033
-
12,033
Total Other Multifamily Investments
-
12,033
5,190
17,223
United States Treasury Securities
   -
535,498
-
535,498
Equity Investments
-
-
42
42
Short-Term Investments
145,049
-
-
145,049
Other Financial Instruments*
   -
73,177
-
73,177
 
Total Investment
$   145,049
$       5,079,839
$      5,243
$5,230,131

* Other financial instruments may 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 September 30, 2015.

            Investments in Securities ($ in thousands)
 
FHA Permanent
Other Multifamily Investments
Equity Investments
Total
Beginning balance,12/31/2014
$13
$-
$(69)
$(56)
Cost of Purchase
-
5,197
-
5,197
Total Unrealized Gain(Loss)(a)
-
(7)
111
104
Paydowns
(2)
-
-
(2)
Ending balance, 9/30/2015
$11
$5,190
$42
 $5,243

 
(a) Net change in unrealized gain (loss) attributable to Level 3 securities held at September 30,2015 totaled ($86,000) and is included in the Statement of Operations.

Level 3 securities primarily consist of two direct loans which were fair valued, in accordance with the HIT’s policies, near par at September 30, 2015, due to a coupon rate of 2.70%, low loan-to-value estimates, and remaining expected maturities of 13 months or less. The HIT’s policy is to recognize transfers between levels at the beginning of the reporting period. For the nine months ended September 30, 2015, there were no transfers between levels.

Federal Income Taxes
At September 30, 2015, the cost of investments for federal income tax purposes approximated book cost at amortized cost of $5,085,787,000.  Net unrealized gains aggregated $144,344,000 at period-end, of which $162,795,000 related to appreciated investments and $18,451,000 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:  November 24, 2015

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 24, 2015

 
/s/ Erica Khatchadourian
Erica Khatchadourian
Chief Financial Officer
(Principal Financial Officer)
Date: November 23, 2015



 EX-99 2 ex99.htm CERTIFICATIONS PRINCIPAL EXECUTIVE OFFICER AND 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: November 24, 2015

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 

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: November 23, 2015