0001387131-16-008226.txt : 20161129 0001387131-16-008226.hdr.sgml : 20161129 20161129125508 ACCESSION NUMBER: 0001387131-16-008226 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161129 DATE AS OF CHANGE: 20161129 EFFECTIVENESS DATE: 20161129 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: 162022016 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 ahitb-nq_093016.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

 

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, 2016

 

*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, 2016 (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  $8   $8   $8 
                        
Multifamily   3.65%  Dec-2037   9,605    9,841    9,945 
    3.75%  Aug-2048   4,035    4,031    4,140 
    4.00%  Dec-2053   65,070    65,044    68,649 
    4.79%  May-2053   4,835    5,096    5,264 
    5.35%  Mar-2047   7,337    7,347    7,460 
    5.55%  Aug-2042   7,943    7,946    7,985 
    5.60%  Jun-2038   2,445    2,449    2,458 
    5.65%  Oct-2038   1,901    1,932    1,907 
    5.80%  Jan-2053   2,046    2,056    2,301 
    5.87%  May-2044   1,778    1,777    1,916 
    5.89%  Apr-2038   4,593    4,599    4,684 
    6.02%  Jun-2035   4,325    4,326    4,352 
    6.20%  Apr-2052   11,548    11,545    13,733 
    6.40%  Aug-2046   3,801    3,803    4,305 
    6.48%  Nov-2041   6,240    6,480    6,301 
    6.60%  Jan-2050   3,364    3,394    3,923 
    6.75%  Apr-2040 - Jul-2040   4,837    4,821    4,872 
    7.20%  Oct-2039   2,834    2,839    2,857 
    7.50%  Sep-2032   1,327    1,323    1,385 
    7.93%  Apr-2042   2,675    2,675    2,747 
            152,539    153,324    161,184 
Total FHA  Permanent Securities      $152,547   $153,332   $161,192 

 

 

 

Schedule of Portfolio Investments                 
                          
September 30, 2016 (Dollars in thousands; unaudited)              
                          
Ginnie Mae Securities (28.9% of net assets)                 

 

                          
    Interest Rate    Maturity Date    Face Amount    Amortized Cost    Value 
                          
Single Family   4.00%   Feb-2040 - Jun-2040   $6,174   $6,252   $6,670 
    4.50%   Aug-2040    3,708    3,792    4,092 
    5.50%   Jan-2033 - Jun-2037    3,323    3,311    3,801 
    6.00%   Jan-2032 - Aug-2037    2,123    2,122    2,453 
    6.50%   Jul-2028    59    59    70 
    7.00%   Nov-2016 - Jan-2030    1,227    1,233    1,455 
    7.50%   Nov-2017 - Aug-2030    642    650    764 
    8.00%   Sep-2026 - Nov-2030    497    504    601 
    8.50%   Jun-2022 - Aug-2027    441    444    507 
    9.00%   Mar-2017 - Jun-2025    135    136    150 
    9.50%   Sep-2021 - Sep-2030    42    43    49 
               18,371    18,546    20,612 
                          
Multifamily   1.73%   May-2042    4,352    4,362    4,346 
    2.15%   May-2056    9,421    9,403    9,451 
    2.18%   May-2039    8,104    8,173    8,141 
    2.20%   Jun-2056    9,920    9,898    9,950 
    2.25%   Dec-2048    12,626    12,516    12,724 
    2.30%   Mar-2056    54,076    53,909    54,415 
    2.30%   Oct-2056    31,792    31,419    31,871 
    2.31%   Nov-2051    7,076    7,078    7,057 
    2.32%   Apr-2054    22,551    23,182    21,978 
    2.35%   Dec-2040 - Nov-2056    37,377    37,915    36,879 
    2.40%   Aug-2047    13,364    13,398    13,528 
    2.43%   Nov-2038    20,000    20,095    20,299 
    2.50%   Jul-2045 - Mar-2057    43,594    43,680    44,090 
    2.53%   Jul-2038 - Feb-2040    32,916    33,400    33,335 
    2.55%   Feb-2048    22,477    22,660    22,019 
    2.60%   Apr-2048 - Apr-2056    58,879    59,242    59,794 
    2.70%   May-2048    29,551    30,076    29,965 
    2.70%   Jul-2056    16,790    16,998    17,095 
    2.70%   Jan-2053    51,015    51,478    51,217 
    2.72%   Feb-2044    1,109    1,144    1,133 
    2.79%   Apr-2049    21,857    22,118    22,428 
    2.82%   Apr-2050    1,500    1,536    1,548 
    2.87%   Feb-2036 - Dec-2043    25,000    25,337    25,737 
    2.89%   Mar-2046    32,000    32,246    33,149 
    3.00%   Mar-2051    20,000    20,115    20,437 
    3.05%   May-2044    45,500    45,838    46,852 
    3.05%   May-2054    11,545    11,609    11,841 
    3.06%   Aug-2040    4,410    4,529    4,435 
    3.10%   Jan-2044    23,000    23,360    23,623 
    3.13%   Nov-2040    1,042    1,071    1,049 
    3.19%   Jan-2049    17,025    17,746    17,881 
    3.20%   Jul-2041 - Oct-2053    24,718    24,880    25,633 
    3.24%   Apr-2051    5,248    5,331    5,607 
    3.25%   Sep-2054    35,000    34,671    36,629 
    3.26%   Feb-2038 - Nov-2043    24,163    24,290    25,317 
    3.30%   May-2055    10,000    9,491    10,526 
    3.33%   Jun-2043    15,000    15,549    15,791 
    3.35%   Nov-2042 - Mar-2044    25,000    24,440    25,945 
    3.37%   Dec-2046    19,200    19,487    20,254 
    3.40%   Apr-2017 - Jul-2046    8,050    8,325    8,495 
    3.47%   Apr-2046    7,885    8,431    8,474 
    3.49%   Mar-2042    28,000    29,183    29,140 
    3.49%   Feb-2044    4,000    4,225    4,271 
    3.50%   Feb-2051-Jan-2054    31,363    31,189    32,949 
    3.55%   May-2042 - Apr-2051    15,745    16,141    16,625 
    3.57%   Apr-2053    33,805    36,318    36,526 
    3.59%   Sep-2050    7,958    8,427    8,618 
    3.60%   Sep-2041    10,000    10,692    10,280 

 

 

 

Schedule of Portfolio Investments                 
                          
September 30, 2016 (Dollars in thousands; unaudited)              
                          
Ginnie Mae Securities (28.9% of net assets)                 

 

                          
    Interest RateMaturity Date  Face Amount   Amortized Cost    Value 
    3.60%   Nov-2044    27,880    28,778    28,934 
    3.67%   Nov-2035 - Sep-2052    23,795    24,907    25,743 
    3.71%   Nov-2052    9,472    10,265    10,294 
    3.73%   Sep-2046    10,000    10,795    10,245 
    3.74%   Dec-2045    8,583    8,178    9,151 
    3.77%   Sep-2053    3,974    4,341    4,342 
    3.81%   Dec-2053    10,588    10,688    11,395 
    3.85%   Oct-2054    31,237    31,393    34,173 
    3.85%   Jan-2056    33,133    33,471    36,383 
    3.86%   Apr-2046 - Oct-2047    13,587    13,649    14,365 
    3.90%   Apr-2055    16,744    17,401    18,364 
    3.91%   Jun-2045    20,000    20,275    21,370 
    3.92%   Aug-2039    48,750    52,549    52,772 
    3.94%   Sep-2051    7,375    7,706    7,721 
    3.95%   Jul-2053    5,934    5,947    6,391 
    3.99%   Sep-2043    9,865    10,278    10,036 
    4.00%   May-2049    11,706    12,628    11,955 
    4.05%   Feb-2052    6,370    6,373    6,918 
    4.05%   Oct-2053    58,982    63,782    64,821 
    4.10%   May-2051    4,118    4,528    4,572 
    4.15%   Jun-2053    2,202    2,234    2,404 
    4.25%   Sep-2038    37,218    37,448    39,972 
    4.42%   Feb-2031    30,514    30,644    32,753 
    4.45%   Jun-2055    2,621    2,512    2,952 
    4.50%   May-2038    19,701    21,613    21,354 
    4.63%   Sep-20371   1,500    1,462    1,570 
    4.70%   Oct-2056    3,400    3,570    3,922 
    4.90%   Mar-20441   1,000    991    1,050 
    5.05%   Apr-20491   2,765    2,766    2,824 
    5.15%   Dec-2050    15,204    15,057    17,362 
    5.21%   Mar-2053    48,610    48,668    53,092 
    5.25%   Apr-2037    19,750    19,744    21,612 
    5.34%   Jul-2040    11,446    11,285    12,170 
    5.45%   Sep-2037    13,192    14,475    14,768 
    5.55%   May-20491   10,065    10,066    10,365 
               1,576,285    1,607,068    1,647,462 
                          
When Issue2   3.50%   June-2057    60,250    64,392    64,407 
Total Ginnie Mae Securities             $1,654,906   $1,690,006   $1,732,481 

 

 

 

Schedule of Portfolio Investments           
                            
September 30, 2016 (Dollars in thousands; unaudited)                
                            
Ginnie Mae Construction Securities (3.7% of net assets)                
                            
    Interest Rates3       Unfunded                
   Permanent   Construction   Maturity Date  Commitments4   Face Amount   Amortized Cost   Value 
                                  
Multifamily   3.10%   3.10%  Apr-2055  $96   $4,970   $4,970   $5,029 
    3.30%   3.30%  Jul-2057   10,628    15,299    16,084    17,065 
    3.50%   3.50%  Mar-2057   9,568    13,729    14,669    15,510 
    3.50%   3.50%  Apr-2057   321    25,221    25,989    27,632 
    3.53%   3.53%  Jun-2042   15,313    2,987    3,672    4,165 
    3.55%   3.55%  Apr-2057   11,352    30,278    31,435    33,534 
    3.60%   3.60%  Jun-2057   4,678    9,637    10,215    10,810 
    3.62%   3.62%  Dec-2057   11,195    18,555    19,154    21,420 
    3.66%   3.66%  Jul-2058   23,940    60    375    1,817 
    3.68%   3.68%  Jun-2057   13,558    14,197    15,041    17,039 
    3.68%   3.68%  Aug-2057   10,098    4,725    5,097    5,907 
    4.09%   4.09%  Feb-2056   1,277    56,807    57,691    63,824 
Total Ginnie Mae Construction Securities     $112,024   $196,465   $204,392   $223,752 

 

 

 

Schedule of Portfolio Investments            
                    
September 30, 2016 (Dollars in thousands; unaudited)            
                    
Fannie Mae Securities (36.3% of net assets)            
                    
    Interest Rate   Maturity Date   Face Amount    Amortized Cost    Value 
                        
Single Family   0.78%5  Mar-2037  $415   $410   $413 
    0.83%5  Jul-2043   16,040    15,924    15,960 
    0.85%5  Jun-2037   2,100    2,101    2,094 
    0.88%5  Mar-2043 - Nov-2044   41,210    41,181    41,070 
    0.91%5  Nov-2042   8,638    8,641    8,595 
    0.93%5  Apr-2037 - Oct-2044   22,211    22,256    22,159 
    0.99%5  Oct-2042   7,445    7,481    7,428 
    1.03%5  Dec-2040 - Feb-2043   46,017    45,874    46,050 
    1.05%5  Jun-2042   5,151    5,181    5,155 
    1.08%5  Mar-2042   12,056    12,079    12,081 
    1.12%5  Mar-2041   8,504    8,577    8,531 
    1.13%5  Mar-2042 - Oct-2043   18,058    18,124    18,120 
    1.23%5  Dec-2040   4,007    4,021    4,045 
    2.43%5  Nov-2033   2,534    2,535    2,621 
    2.46%5  Sep-2035   990    987    1,042 
    2.50%5  Nov-2034   1,468    1,507    1,537 
    2.61%5  May-2033 - Aug-2033   750    751    784 
    2.71%5  Aug-2033   1,758    1,755    1,852 
    2.73%5  Jul-2033   2,059    2,066    2,170 
    2.76%5  Apr-2034   1,538    1,578    1,608 
    2.80%5  Jul-2033   385    383    401 
    2.81%5  Aug-2033   928    927    980 
    3.00%  Apr-2031 - Jun-2046   70,017    72,655    73,094 
    3.50%  Oct-2026 - Jan-2046   96,209    100,100    102,100 
    4.00%  Jun-2018 - Jan-2045   59,870    61,708    64,421 
    4.50%  Mar-2018 - May-2044   76,750    80,027    84,096 
    5.00%  Mar-2017 - Apr-2041   22,728    23,452    25,224 
    5.50%  Jul-2017 - Jun-2038   12,336    12,373    13,927 
    6.00%  Jan-2017 - Nov-2037   7,588    7,633    8,729 
    6.50%  Nov-2016 - Jul-2036   1,216    1,244    1,397 
    7.00%  Nov-2016 - May-2032   1,086    1,087    1,273 
    7.50%  Nov-2016 - Sep-2031   415    416    481 
    8.00%  Apr-2030 - May-2031   71    72    76 
    8.50%  Dec-2021 - Apr-2031   48    48    52 
    9.00%  May-2025   1    1    1 
            552,597    565,155    579,567 
                        
Multifamily   0.88%  Nov-2025   22,318    22,330    22,313 
    0.94%  Nov-2022   22,815    22,826    22,804 
    1.07%  Dec-2025   21,015    21,026    21,007 
    1.13%  Jan-2023   18,134    18,143    18,170 
    1.17%  Jan-2026   5,000    5,003    5,002 
    1.38%  Jan-2023   29,832    29,811    29,943 
    1.45%  Apr-2022   10,075    10,080    10,079 
    2.21%  Dec-2022   31,387    31,408    32,106 
    2.21%  Dec-2022   23,821    23,837    24,366 
    2.24%  Dec-2022   31,436    31,457    32,182 
    2.26%  Nov-2022   6,528    6,558    6,696 
    2.34%  Sep-2026   28,500    28,740    28,992 
    2.38%  Jul-2026   21,840    21,900    22,248 
    2.44%  Aug-2026   22,400    22,400    22,975 
    2.46%  Aug-2026   25,830    25,846    25,946 
    2.48%  Jul-2021   45,000    45,108    46,619 
    2.50%  Jun-2026   60,000    60,000    61,589 
    2.50%  Jul-2026   37,680    37,817    38,127 
    2.57%  Sep-2028   40,100    40,907    41,249 
    2.70%  Nov-2025   16,360    16,390    17,218 
    2.72%  Jul-2028   36,400    37,010    37,895 
    2.75%  Jul-2028   15,750    16,038    16,549 
    2.80%  Mar-2018 - Apr-2025   20,491    20,865    21,196 
    2.84%  Mar-2022   3,622    3,640    3,820 
    2.85%  Mar-2022   33,000    33,087    34,865 
    2.91%  Jun-2031   25,000    25,281    25,954 
    2.92%  Jan-2026 - Apr-2028   34,255    34,422    36,494 
    2.99%  Jun-2025   2,750    2,764    2,951 
    3.00%  Mar-2028   9,360    9,371    9,883 
    3.02%  Jun-2027   4,092    4,113    4,419 
    3.04%  Apr-2030   25,100    25,244    26,875 
    3.05%  Apr-2030   28,800    28,853    30,189 
    3.12%  Apr-2030   14,000    14,007    14,714 
    3.18%  May-2035   12,030    12,264    12,671 
    3.20%  Oct-2027   10,854    10,957    11,875 
    3.21%  May-2030   7,335    7,516    7,768 
    3.22%  Sep-2026   28,451    28,514    31,083 
    3.25%  Nov-2027   10,854    10,958    11,922 
    3.26%  Jan-2027   7,822    7,866    8,530 
    3.31%  Oct-2027   16,320    16,595    17,986 
    3.36%  Dec-2023 - Oct-2029   20,280    20,341    21,980 
    3.40%  Oct-2026   3,105    3,132    3,436 
    3.41%  Sep-2023   14,014    14,172    15,205 
    3.42%  Apr-2035   5,555    5,672    6,015 
    3.43%  Oct-2026   7,608    7,674    8,436 
    3.46%  Dec-2023   3,500    3,518    3,819 
    3.54%  Oct-2021   7,252    7,277    7,875 
    3.61%  Sep-2023   6,631    6,704    7,293 
    3.63%  Jul-2035   21,987    22,031    24,413 
    3.66%  Jul-2021   110,589    110,666    119,868 
    3.66%  Oct-2023   4,871    4,934    5,374 
    3.77%  Dec-2033   10,500    10,782    11,757 
    3.84%  May-2018   7,140    7,287    7,388 
    3.87%  Sep-2023   2,557    2,626    2,845 
    4.00%  Sep-2021   15,403    15,413    16,151 
    4.03%  Oct-2021   6,969    6,973    7,693 

 

 

 

Schedule of Portfolio Investments            
                    
September 30, 2016 (Dollars in thousands; unaudited)            
                    
Fannie Mae Securities (36.3% of net assets)            
                    
    Interest Rate   Maturity Date   Face Amount    Amortized Cost    Value 
                        
    4.06%  Oct-2025   24,533    24,635    27,915 
    4.15%  Jun-2021   9,101    9,111    10,061 
    4.22%  Jul-2018   975    975    1,000 
    4.25%  May-2021   4,162    4,162    4,604 
    4.27%  Nov-2019   5,842    5,839    6,288 
    4.32%  Nov-2019   2,885    2,885    3,109 
    4.33%  Nov-2019 - Mar-2021   24,158    24,155    26,017 
    4.38%  Apr-2020   9,911    9,917    10,793 
    4.44%  May-2020   5,877    5,878    6,421 
    4.49%  Jun-2021   957    962    1,067 
    4.50%  Feb-2020   4,124    4,124    4,280 
    4.52%  Nov-2019 - May-2021   7,011    7,034    7,716 
    4.55%  Nov-2019   2,764    2,763    2,990 
    4.56%  Jul-2019   7,131    7,134    7,674 
    4.66%  Jul-2021   1,278    1,284    1,344 
    4.68%  Jul-2019   12,756    12,747    13,749 
    4.69%  Jan-2020 - Jun-2035   13,652    13,685    14,881 
    4.71%  Mar-2021   5,734    5,765    6,387 
    4.73%  Feb-2021   1,506    1,513    1,676 
    4.80%  Jun-2019   2,083    2,082    2,244 
    4.86%  May-2019   1,391    1,391    1,496 
    4.89%  Nov-2019   858    859    934 
    4.94%  Apr-2019   3,395    3,393    3,648 
    5.00%  Jun-2019   1,819    1,818    1,964 
    5.02%  Jun-2019   788    789    852 
    5.04%  Jun-2019   1,801    1,801    1,947 
    5.05%  Jun-2019   1,264    1,264    1,367 
    5.08%  Apr-2021   40,000    40,001    44,718 
    5.09%  Jun-2018   6,138    6,160    6,250 
    5.11%  Jul-2019   841    842    912 
    5.12%  Jul-2019   8,418    8,412    9,134 
    5.13%  Jul-2019   855    854    927 
    5.14%  Jan-2018   591    591    615 
    5.15%  Oct-2022   2,459    2,468    2,594 
    5.25%  Jan-2020   6,596    6,600    7,260 
    5.29%  May-2022   5,084    5,084    5,837 
    5.30%  Aug-2029   5,995    5,895    7,109 
    5.45%  May-2033   2,622    2,631    2,733 
    5.46%  Feb-2017   14,280    14,281    14,459 
    5.47%  Aug-2024   8,011    8,040    8,582 
    5.52%  Mar-2018   569    571    576 
    5.60%  Feb-2018 - Jan-2024   10,226    10,227    11,402 
    5.63%  Dec-2019   4,765    4,773    5,000 
    5.69%  Jun-2041   4,720    4,853    5,547 
    5.75%  Jun-2041   2,289    2,363    2,499 
    5.86%  Dec-2016   6    6    6 
    5.91%  Mar-2037   1,873    1,908    2,099 
    5.92%  Dec-2016   7    7    7 
    5.96%  Jan-2029   359    360    380 
    6.03%  Jun-2017 - Jun-2036   4,661    4,704    4,672 
    6.06%  Jul-2034   8,846    9,029    9,714 
    6.11%  Aug-2017   3,351    3,351    3,469 
    6.13%  Dec-2016   300    300    299 
    6.14%  Sep-2033   274    286    286 
    6.15%  Jul-2019   31,821    31,823    34,120 
    6.15%  Jan-2023 - Oct-2032   6,700    6,732    6,620 
    6.22%  Aug-2032   1,569    1,591    1,566 
    6.23%  Sep-2034   1,292    1,331    1,389 
    6.28%  Nov-2028   2,527    2,617    2,678 
    6.35%  Aug-2032   9,580    9,602    9,916 
    6.38%  Jul-2021   5,122    5,130    5,884 
    6.39%  Apr-2019   836    836    822 
    6.52%  May-2029   4,698    4,942    5,162 
    6.63%  Apr-2019   1,898    1,898    1,918 
    7.20%  Aug-2029   777    768    785 
    7.75%  Dec-2024   1,301    1,301    1,306 
    8.40%  Jul-2023   315    313    319 
    8.50%  Nov-2019   1,559    1,587    1,718 
            1,486,205    1,493,187    1,570,531 
                        
When Issued2   2.48%  Oct-2028   24,990    25,131    25,490 
Total Fannie Mae Securities  $2,063,792   $2,083,473   $2,175,588 

 

 

 

Schedule of Portfolio Investments        
                    
September 30, 2016 (Dollars in thousands; unaudited)            
                    
Freddie Mac Securities (12.1% of net assets)            
                    
    Interest Rate   Maturity Date   Face Amount    Amortized Cost    Value 
                        
Single Family   0.82%5  Feb-2036  $1,951   $1,951   $1,947 
    0.85%5  May-2037   303    303    302 
    0.87%5  Apr-2036 - Mar-2045   36,284    36,310    36,150 
    0.92%5  Aug-2043   6,629    6,625    6,615 
    1.00%5  Oct-2040   5,616    5,611    5,620 
    1.02%5  Oct-2040 - Jun-2044   53,330    53,347    53,363 
    1.07%5  Nov-2040   6,542    6,611    6,555 
    1.19%5  Aug-2037   5,553    5,629    5,591 
    2.50%5  Jan-2043 - Aug-2046   19,765    20,093    19,950 
    2.52%5  Oct-2033   1,109    1,100    1,169 
    2.84%5  Jun-2033   478    477    504 
    3.00%  Aug-2042 - Oct-2046   63,524    65,009    66,255 
    3.02%5  Jul-2035   288    287    304 
    3.50%  Jan-2026 - Nov-2045   161,612    166,562    170,802 
    4.00%  Aug-2020 - Mar-2045   92,252    96,977    99,010 
    4.50%  Aug-2018 - Dec-2044   81,048    85,317    89,178 
    5.00%  Jan-2019 - Mar-2041   14,713    14,902    16,042 
    5.50%  Oct-2017 - Jul-2038   6,556    6,519    7,405 
    6.00%  Apr-2017 - Feb-2038   6,926    7,013    8,012 
    6.50%  Apr-2028 - Nov-2037   1,066    1,079    1,250 
    7.00%  Apr-2028 - Mar-2030   69    65    82 
    7.50%  Aug-2029 - Apr-2031   66    64    82 
    8.00%  Aug-2017 - Feb-2030   18    17    22 
    8.50%  Nov-2018 - Jan-2025   85    85    99 
    9.00%  Mar-2025   55    55    66 
            565,838    582,008    596,375 
                        
Multifamily   1.18%  Jan-2023   23,895    23,895    23,910 
    1.22%  Sep-2022   42,052    41,990    42,104 
    1.23%  Nov-2022   35,000    35,000    35,022 
    2.95%  Jan-2018   1,095    1,082    1,098 
            102,042    101,967    102,134 
                        
When Issued2   3.00%  Oct-2046   25,000    25,801    25,982 
Total Freddie Mac Securities      $692,880   $709,776   $724,491 

 

 

 

Schedule of Portfolio Investments                    
                               
September 30, 2016 (Dollars in thousands; unaudited)                    
                               
State Housing Finance Agency Securities (3.7% of net assets)            
                               
       Interest Rates3      Unfunded              
   Issuer  Permanent   Construction   Maturity Date  Commitments4   Face Amount   Amortized Cost   Value 
                                     
Multifamily  NYC Housing Development Corp   2.95%   —   Nov-2045  $—   $5,000   $5,000   $5,265 
   NYC Housing Development Corp   3.75%   —   May-2035 - Nov-2035   —    5,980    5,980    6,221 
   MassHousing   3.85%   —   Dec-2058   —    9,980    9,980    9,832 
   NYC Housing Development Corp   4.00%   —   Dec-2028   —    5,000    5,104    5,430 
   MassHousing   4.04%   —   Nov-2032   —    1,305    1,305    1,335 
   MassHousing   4.13%   —   Dec-2036   —    5,000    5,000    5,295 
   NYC Housing Development Corp   4.20%   —   Dec-2039   —    8,305    8,305    8,819 
   NYC Housing Development Corp   4.25%   —   Nov-2025   —    1,150    1,150    1,229 
   NYC Housing Development Corp   4.29%   —   Nov-2037   —    1,190    1,190    1,217 
   NYC Housing Development Corp   4.40%   —   Nov-2024   —    4,120    4,120    4,396 
   NYC Housing Development Corp   4.44%   —   Nov-2041   —    1,120    1,120    1,157 
   NYC Housing Development Corp   4.49%   —   Nov-2044   —    1,000    1,000    1,036 
   NYC Housing Development Corp   4.50%   —   Nov-2030   —    1,680    1,682    1,808 
   MassHousing   4.50%   —   Dec-2056   —    45,000    45,000    47,677 
   NYC Housing Development Corp   4.60%   —   Nov-2030   —    4,665    4,665    5,035 
   NYC Housing Development Corp   4.70%   —   Nov-2035   —    1,685    1,685    1,819 
   NYC Housing Development Corp   4.78%   —   Aug-2026   —    12,500    12,502    13,666 
   NYC Housing Development Corp   4.80%   —   Nov-2040   —    2,860    2,862    3,062 
   NYC Housing Development Corp   4.90%   —   Nov-2034 - Nov-2041   —    8,800    8,800    9,480 
   NYC Housing Development Corp   4.95%   —   Nov-2039 - May-2047   —    13,680    13,683    14,698 
   MassHousing   5.55%   —   Nov-2039   —    5,000    4,981    5,535 
   MassHousing   5.69%   —   Nov-2018   —    2,300    2,301    2,395 
   MassHousing   5.70%   —   Jun-2040   —    13,385    13,386    14,311 
   MassHousing   6.42%   —   Nov-2039   —    22,000    22,000    23,860 
   MassHousing   6.50%   —   Dec-2039   —    695    696    718 
   MassHousing   6.58%   —   Dec-2039   —    11,385    11,386    11,776 
   MassHousing   6.70%   —   Jun-2040   —    10,990    10,990    11,923 
                    —    205,775    205,873    218,995 
                                     
Forward Commitments  MassHousing   —    3.00%  Oct-20186  9,464    —    (95)   3 
Total State Housing Finance Agency Securities          $9,464   $205,775   $205,778   $218,998 

 

 

 

                         
Schedule of Portfolio Investments                        
                             
September 30, 2016 (Dollars in thousands; unaudited)                        
                             
Other Mutifamily Investments (0.3% of net assets)                        
                             
   Interest Rates3       Unfunded             
Issuer  Permanent   Construction   Maturity Date   Commitments4   Face Amount   Amortized Cost   Value 
                             
Direct Loans                                   
Harry Silver Housing Company, Inc.   —    3.20%   Apr-2017   $—   $5,197   $5,201   $5,209 
Harry Silver Housing Company, Inc.   —    3.20%   Apr-2017    2,651    152    152    159 
                   2,651    5,349    5,353    5,368 
Privately Insured Construction/Permanent Mortgages7                                   
IL Housing Development Authority   5.40%   —    Mar-2047    —    8,212    8,214    8,191 
IL Housing Development Authority   6.20%   —    Dec-2047    —    3,105    3,116    3,109 
IL Housing Development Authority   6.40%   —    Nov-2048    —    938    950    939 
                   —    12,255    12,280    12,239 
Total Other Multifamily Investments                 $2,651   $17,604   $17,633   $17,607 

 

 

 

Schedule of Portfolio Investments            
                    
September 30, 2016 (Dollars in thousands; unaudited)            
                    
Commercial Mortgage-Backed Securities (2.5% of net assets)        
                    
Issuer   Interest Rate   Maturity Date   Face Amount    Amortized Cost    Value 
                        
Nomura   2.77%  Dec-2045  $10,000   $10,171   $10,390 
Deutsche Bank   2.94%  Jan-2046   19,070    19,549    19,958 
Nomura   3.19%  Mar-2046   20,000    20,412    21,140 
JP Morgan   3.48%  Jun-2045   10,000    10,481    10,705 
Citigroup   3.62%  Jul-2047   8,000    8,218    8,713 
Barclays/JP Morgan   3.81%  Jul-2047   2,250    2,311    2,464 
RBS/Wells Fargo   3.82%  Aug-2050   5,000    5,138    5,483 
Deutsche Bank/UBS   3.96%  Mar-2047   5,000    5,136    5,512 
Barclays/JP Morgan   4.00%  Apr-2047   5,000    5,137    5,535 
Cantor/Deutsche Bank   4.01%  Apr-2047   20,000    20,544    22,115 
Barclays/JP Morgan   4.08%  Feb-2047   6,825    7,185    7,598 
Cantor/Deutsche Bank   4.24%  Feb-2047   7,000    7,188    7,870 
Deutsche Bank   5.00%  Nov-2046   18,990    19,455    20,993 
Total Commercial Mortgage Backed Securities    $137,135   $140,925   $148,476 

 

 

 

Schedule of Portfolio Investments        
                
September 30, 2016 (Dollars in thousands; unaudited)        
                
United States Treasury Securities (10.1% of net assets)    

 

    Interest Rate   Maturity Date   Face Amount    Amortized Cost     Value
                       
    1.63%  Feb-2026  $15,000   $14,687   $ 15,040
    1.63%  May-2026   45,000    44,807     45,103
    2.00%  Aug-2025   45,000    44,313     46,606
    2.13%  May-2025   85,000    83,491     88,934
    2.25%  Nov-2024   65,000    66,985     68,667
    2.25%  Nov-2025   60,000    61,177     63,391
    2.38%  Aug-2024   90,000    90,452     95,903
    2.50%  May-2024   50,000    49,675     53,733
    2.50%  Feb-2046   15,000    14,313     15,554
    2.50%  May-2046   35,000    36,319     36,337
    2.88%  Aug-2045   10,000    10,262     11,172
    3.13%  Aug-2044   55,000    56,775     64,411
Total United States Treasury Securities    $570,000   $573,256   $ 604,851
                 
Total Fixed-Income Investments    $5,691,104   $5,778,571   $ 6,007,436

 

 

 

Schedule of Portfolio Investments        
                 
September 30, 2016 (Dollars in thousands; unaudited)        
                 
Equity Investment in Wholly-Owned Subsidiary (less than 0.5% of net assets)
                 
              Amount of      
    Number of    Face    Dividends      
Issuer   Shares    Amount (Cost)    or Interest    Value 
                     
Building America CDE, Inc. 8,9   1,000   $1   $—   $82 
Total Equity Investment   1,000   $1   $—   $82 

 

 

 

Schedule of Portfolio Investments            
                    
September 30, 2016 (Dollars in thousands; unaudited)            
                    
Short-Term Investments (1.4% of net assets)            
                    
Issuer   Interest Rate   Maturity Date   Face Amount    Amortized Cost    Value 
                        
NYC Housing Development Corp   0.82%10  Nov-2049  $31,000   $31,000   $31,000 
NYC Housing Development Corp   0.81%10  Nov-2049   6,300    6,300    6,300 
NYC Housing Development Corp   0.78%10  Nov-2049   12,000    12,000    12,000 
Blackrock Federal Funds 30   0.29%  Oct-2016   36,221    36,221    36,221 
Total Short-Term Investments          $85,521   $85,521   $85,521 
                        
Total Investments          $5,776,626   $5,864,093   $6,093,039 

 

 

 

Schedule of Portfolio Investments
   
September 30, 2016, unaudited
   
Footnotes
   
1 Tax-exempt bonds collateralized by Ginnie Mae securities.
   
2 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.
   
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 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 $124.1 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 one- to 48-month period.  Forward commitments generally settle within 12 months of the original commitment date.
   
5 The coupon rate shown on these floating or adjustable rate securities represents the rate at period end.
   
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, 2018. 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.
   
7 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.
   
8 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. The shares of BACDE are not registered under the federal securities laws.
   
9 Valued by the HIT’s valuation committee in accordance with the fair value procedures adopted by the HIT’s Board of Trustees.  
   
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 notice. The coupon rate shown represents the rate at period end.

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited

As of September 30, 2016

 

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 each month. Following is a description of the valuation methods and inputs applied to the HIT’s major categories of assets.

Portfolio securities for which market quotations are readily available are valued by using independent pricing services. For U.S. Treasury securities, independent pricing services generally base prices on actual transactions as well as dealer supplied market information. For state housing finance agency securities, independent pricing services generally base prices using models that utilize trading spreads, new issue scales, verified bid information, and credit ratings. For commercial mortgage-backed securities, independent pricing services generally base prices on cash flow models that take into consideration benchmark yields, and utilize available trade information, dealer quotes and market color.

 

For U.S. agency and government-sponsored enterprise securities, including single family and multifamily mortgage-backed securities, construction mortgage securities and loans, and collateralized mortgage obligations, independent pricing services generally base prices on active TBA (“to-be-announced”) market for mortgage pools, discounted cash flow models or option-adjusted spread models. Independent pricing services examine reference data and use observable

 

 

 

 

inputs such as issue name, issue size, ratings, maturity, call type and spread/benchmark yields, as well as, dealer supplied market information. The discounted cash flow or option-adjusted spread models utilize inputs from matrix pricing which consider observable market-based discount and prepayment rates, attributes of the collateral, and yield or price of bonds of comparable quality, coupon, maturity and type.

 

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

 

When 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.

 

Portfolio investments for which market quotations are not readily available or deemed unreliable are valued at their fair value determined in good faith by the HIT’s Valuation Committee using consistently applied procedures adopted by the HIT’s Board of Trustees. In determining fair market value, the Valuation Committee will employ a valuation method that it believes reflects fair value for the asset, which generally entails the referral of the asset to an independent valuation consultant. The frequency with which these fair value procedures may be used by the Board of Trustees cannot be predicted.

 

Short-term investments acquired with a stated maturity of 60 days or less are valued at amortized cost, which approximates fair market value.

 

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.

 

As of September 30, 2016, the HIT fair valued less than 0.05% of the HIT’s net assets.

 

The HIT’s Board of Trustees is responsible for the valuation process and has delegated the supervision of the valuation process to a Valuation Committee. The Valuation Committee, in accordance with the policies and procedures adopted by the HIT’s Board of Trustees, is responsible for evaluating the effectiveness of the HIT’s pricing policies, determining the reliability of third-party pricing information, and reporting to the Board of Trustees on valuation issues, including fair value determinations.

 

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 may 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, 2016:

 

Investment Securities:

($ in thousands)

Level 1

Level 2

Level 3

Total

         
FHA Permanent Securities $                      — $                   161,192 $                       — $           161,192
Ginnie Mae Securities    — 1,668,074 — 1,668,074
Ginnie Mae Construction Securities    — 223,752 — 223,752
Fannie Mae Securities    — 2,150,098 — 2,150,098
Freddie Mac Securities    — 698,509 — 698,509
Commercial Mortgage-Backed Securities    — 148,476 — 148,476
State Housing Finance Agency Securities    — 218,995 — 218,995
Other Multifamily Investments        
Direct Loans — — 5,368 5,368
Privately Insured Construction/Permanent Mortgages — 12,239 — 12,239
Total Other Multifamily Investments — 12,239 5,368 17,607
United States Treasury Securities    — 604,851 — 604,851
Equity Investments — — 82 82
Short-Term Investments 85,521 — — 121,247
Other Financial Instruments*    — 104,265 —

104,265

 

Total Investment $             85,521 $                 6,002,068 $                 5,450 $          6,093,039

*If held in the portfolio at report date, 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 September 30, 2016.

 

            Investments in Securities ($ in thousands)
  FHA Permanent Other Multifamily Investments

Equity

Investments

 Total
 Beginning balance,12/31/2015 $10 $5,180 $(5) $5,185
 Amortization/Accretion — 25 — 25
 Total Unrealized Gain(Loss)(a) — 11 87 98
 Settlements — 152 — 152
 Paydowns (2) — — (2)
 Transfers out of Level 3 (8) — — (8)
 Ending balance, 9/30/2016 $ — $5,368 $82  $5,450

(a)Net change in unrealized gain (loss) attributable to Level 3 securities held at September 30, 2016 totaled $51,000.

 

Level 3 securities primarily consist of two Direct Loans (Other Multifamily Investments) which were valued by an independent pricing service near par at September 30, 2016, due to: a coupon rate of 3.20%, low loan-to-value estimates, and remaining expected maturities of 7 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, 2016, there was one transfer from level 3 to level 2, as a result of the availability of current and reliable market-based data provided by third-party pricing services or other valuation techniques which utilize significant observable inputs.

 

Federal Income Taxes 

At September 30, 2016, investments for federal income tax purposes approximated book cost at amortized cost of $5,864,093,000.  Net unrealized gains aggregated $228,946,000 at period-end, of which $236,586,000 related to appreciated investments and $7,640,000 related to depreciated investments.

 

Note 2. Transactions with Related Entities

 

Building America is a Community Development Entity, certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury. Building America has committed all of its $85 million in New Markets Tax Credit (NMTC) awards to qualified transactions. Building America receives fees for committing NMTCs to such qualified transactions and ongoing asset management fees on closed transactions. Building America is accounted for as an investment of the HIT.

 

 

 

 

The NMTC program1, which is run by the CDFI Fund, provides tax credits to equity investors that invest in businesses operating in low-income areas, including those that engage in the creation of housing and other construction activities.

 

(1)The New Markets Tax Credit (NMTC) Program, enacted by Congress as part of the Community Renewal Tax Relief Act of 2000, is incorporated as section 45D of the Internal Revenue Code.

 

Summarized financial information for Building America on a historical cost basis is included in the table below:

 

  $ in Thousands
As of September 30, 2016
Assets                 $401
Liabilities                 $319
Equity                   $82
   
For the nine months ended September 30 2016
Income                 $421
Expenses (291)
Tax Expenses (46)
Net Income                 $  84

 

In accordance with a contract, in addition to its equity interest, the HIT provides Building America advances to assist with its operations and cash flow management as needed. Advances are repaid as cash becomes available. Also in accordance with the contract, the HIT provides the time of certain personnel to Building America on a cost-reimbursement basis. As of September 30, 2016, advances to Building America by the HIT totaled $200,000, which represents less than 0.01% of HIT’s average monthly net assets. A rollforward of advances to Building America by the HIT is included in the table below:

 

  $ in Thousands
Advances to BACDE by HIT
Beginning Balance, 12/31/2015               $261
Advances in 2016                301
Repayment by BACDE in 2016 (362)
Ending Balance, 9/30/2016               $200

 

 

 

 

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 28, 2016

 

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 28, 2016		  
   
/s/ Erica Khatchadourian  
Erica Khatchadourian
Chief Financial Officer
(Principal Financial Officer)
Date: November 28, 2016		  

 

 

 

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

 

AFL-CIO Housing Investment Trust N-Q

 

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 28, 2016  

 

 

 

 

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 28, 2016