AFL-CIO Housing Investment Trust CONSTRUCTION JOBS INITIATIVE

101 POLK, SAN FRANCISCO, CA, 451 JOBS * 2101 SOUTH MICHIGAN APARTMENTS, CHICAGO, IL, 247 JOBS * 225 CENTRE STREET, BOSTON, MA, 261 JOBS * 33 BOND STREET, BROOKLYN, NY, 166 JOBS * 333 ON THE PARK, ST. PAUL, MN, 191 JOBS * 606 WEST 57TH STREET, MANHATTAN, NY, 354 JOBS * AMALGAMATED WARBASSE HOUSES, BROOKLYN, NY, 229 JOBS * APPLEWOOD POINTE OF BLOOMINGTON AT SOUTHTOWN, BLOOMINGTON, MN, 113 JOBS * APPLEWOOD POINTE OF ROSEVILLE AT LANGTON LAKE, ROSEVILLE, MN, 60 JOBS * ARC LIGHT APARTMENTS, SAN FRANCISCO, CA, 439 JOBS * BLACKSTONE APARTMENTS, BOSTON, MA, 70 JOBS * BRONZEVILLE SENIOR APARTMENTS, CHICAGO, IL, 112 JOBS * CARING HEALTH CENTER, SPRINGFIELD, MA, 130 JOBS * CASA DEL PUEBLO, SAN JOSE, CA, 255 JOBS * CHARLESVIEW APARTMENTS, BOSTON, MA, 746 JOBS * CHERRY STREET LOFTS, BRIDGEPORT, CT, 234 JOBS * COOPER CANCER INSTITUTE, CAMDEN, NJ, 412 JOBS * COQUILLE VALLEY HOSPITAL, COQUILLE, OR, 213 JOBS * COUNCIL TOWER SENIOR APARTMENTS, ST. LOUIS, MO, 228, JOBS * CUNY GRADUATE CENTER HOUSING, MANHATTAN, NY, 150 JOBS * DOUGLASS PARK, MANHATTAN, 90 Projects _• 39 Cities _• 23,900 Jobs
NY, 175 JOBS * DUDLEY MUNICIPAL CENTER, BOSTON, MA, 600 JOBS * ELECTCHESTER HOUSING COMPANIES, QUEENS, NY, 175 JOBS * ELIZABETH SETON PEDIATRIC CENTER, YONKERS, NY, 781 JOBS * ELIZABETH SETON PEDIATRIC CENTER II, YONKERS, NY, 105 JOBS * ELLIPSE ON EXCELSIOR, ST. LOUIS PARK, MN, 186 JOBS * EVANSTON SENIOR REDEVELOPMENT, EVANSTON, IL, 140 JOBS * FIVE 15 ON THE PARK, MINNEAPOLIS, MN, 256 JOBS * FLO CO FUSION, MINNEAPOLIS, MN, 88 JOBS * FRANKLIN PARK APARTMENTS, BOSTON, MA, 224 JOBS * FRANKLIN SQUARE APARTMENTS, BOSTON, MA, 78 JOBS * GABILAN PLAZA PHASE I & II APARTMENTS, SALINAS, CA, 226 JOBS * GATEWAY NORTH, LYNN, MA, 128 JOBS, GEORGETOWNE HOMES ONE, BOSTON, MA, 395 JOBS * GEORGETOWNE HOMES TWO, BOSTON, MA, 248 JOBS * HALSEY STREET TEACHERS VILLAGE A, NEWARK, NJ, 316 JOBS * HALSEY STREET TEACHERS VILLAGE B, NEWARK, NJ, 97 JOBS * HARRY SILVER HOUSING CORPORATION, BROOKLYN, NY, 15 JOBS * HAZEL WINTHROP APARTMENTS, CHICAGO, IL, 38 JOBS * HOLY INFANT & ST. JOSEPH APARTMENTS, SHREWSBURY, MO, 91 JOBS * HUNTER'S POINT SOUTH - BUILDING A, QUEENS, NY, 195 JOBS * INVER GLEN SENIOR HOUSING, INVER GROVE HEIGHTS, MN, 92 JOBS continued on inside back cover

CONSTRUCTION JOBS INITIATIVE
The AFL-CIO Housing Investment Trust (HIT), an early adopter of socially responsible investment, has been a leader in union job creation for more than 30 years. With its strong history in the labor movement and close ties to the trades, the HIT is able to use union pension capital to respond to the needs of the working women and men it serves. By providing financial expertise with the collateral benefits of union job creation and quality affordable housing, the HIT is responsive to the priorities of its investors and the communities where they live. The Construction Jobs Initiative (CJI) exemplifies the impact of this strategy in delivering retirement security and collateral benefits to its investors. The CJI began in 2009 in response to the dramatic increase in construction unemployment resulting from the Great Recession and served as a catalyst for HIT’s investment in 90 projects in eight years – nearly a project a month – and the creation of approximately 23,900 union construction jobs. In doing so, the HIT invested more than $2 billion of its capital, generating significant yield for its portfolio, and producing a total economic impact estimated at over $8 billion. We thank our investors who showed confidence in the HIT during the CJI with $2.3 billion in new capital contributions. As we move forward with new targeted investment initiatives, we will continue to provide HIT investors with competitive returns, collateral benefits, and disciplined risk management across market environments.
Chief Executive Officer

Impacts of 90 Projects in 39 Cities $2.3B 67% $2.3B 100 CAPITAL RAISED NET ASSET GROWTH HIT CAPITAL INVESTED NEW INVESTORS $5.3B 23,900 28,552 84% TOTAL DEVELOPMENT ON-SITE UNION HOUSING UNITS AFFORDABLE & INVESTMENT CONSTRUCTION JOBS   WORKFORCE HOUSING  $8.1B $3.3B 27,000 $1.1B TOTAL ECONOMIC IMPACT TOTAL WAGES & BENEFITS JOBS IN OTHER TAX REVENUE INDUSTRIES All impact numbers in this report including jobs, wages & bene_ts, and other economic impacts are estimates calculated by Pinnacle Economics and the HIT using an IMPLAN model based on HIT project data and secondary source materials. Impacts include projects _nanced by HIT subsidiary Building America CDE, Inc. and are in 2016 dollars.

“ e HIT stands out as a leader in creating union construction jobs. With that record it can be a prudent choice for union pension investors.” — Sean McGarvey, President, North America’s Building Trades Unions; HIT Trustee “ e HIT stepped up to provide good jobs for union construction workers when they were most needed. We salute the HIT in creating thousands of jobs for our members over the past eight years.” — Terry O'Sullivan, General President, Laborers International Union of North America We strongly support the HIT’s strategy of converting union pension fund capital into union construction jobs.We want the HIT to grow stronger and stronger, because, as it grows, so does the labor movement.” — Lonnie Stephenson, International President, IBEW Paseo Verde, Philadelphia “ is is truly putting our money where our values are – using our pension capital to support living-wage jobs.” — Richard L. Trumka, President, AFL-CIO; HIT Trustee The Moderne, Milwaukee “We are pleased to support the HIT in its e_orts to increase the number of building trades’ jobs. By adding to construction hours for union members, workers incomes and pension plan contributions both increase.” —James Boland, President, Bricklayers and Allied Craftworkers International Union; HIT Trustee “We are proud to promote union construction Coquille Valley Hospital, Coquille, OR through our investments in the HIT. ese union-built projects create jobs for our members, needed a_ordable housing, and add value to our communities.” —Kenneth Rigmaiden, General President, International Union of Painters and Allied Trades; HIT Trustee 3

Impacts $458M HIT INVESTMENT $1.1B TOTAL DEVELOPMENT 12 PROJECTS 3,330 UNION CONSTRUCTION JOBS 4,300 OTHER COMMUNITY JOBS 2,169 HOUSING UNITS $1.5B TOTAL ECONOMIC IMPACT $530M TOTAL WAGES & BENEFITS $242M CONSTRUCTION WAGES & BENEFITS “I was in shelters [before moving to Franklin Park]. I have asthma and two kids. I like the apartment… I love that we have a park in front.” — Glenda Morales, Franklin Park resident BOSTON city and state o_cials began planning the comprehensive redevelopment of Jackson Square. A master plan was later developed to return Jackson Square to a vibrant, sustainable, mixed-use area that e_ectively links the Jamaica Plain and Roxbury neighborhoods by replacing a number of existing vacant and underutilized parcels in the area surrounding the MBTA station. e plan includes over 400 units of housing, retail and o_ce space, and community facilities. 225 Centre Street was the _rst project built under the plan. $10M HIT Investment $53M TDC In addition to HIT _nancing, its subsidiary Building America $5.5M Building America 103 Housing Units CDE, Inc. allocated $5.5 million in New Markets Tax Credits. New Markets Tax Credits 260 Union Jobs e project provides 103 rental units, with 35 a_ordable to 225 Centre Street households with incomes below 60% of area median income as well as commercial space. e construction created an Rebuilding a Lost Community estimated 260 union construction jobs. Over four decades ago, an ill-fated highway expansion project bulldozed homes and businesses in Jamaica Plain’s As part of the master plan, another mixed-use project has Jackson Square, disrupting a closely knit neighborhood and been completed and a housing project is under construction, leaving much of it as vacant or underutilized land. In 1995, helping to realize the vision articulated by the community a consortium of community groups working closely with over 20 years ago.

Charlesview Apartments “ e sta_ at the HIT has been absolutely incredible working with us, not just in Boston, but in the state of Massachusetts, and it's been very, very helpful.” — Martin Walsh, Mayor of Boston
“ e HIT is providing much-needed capital to renovate and preserve two of the most signi_cant public housing developments in Boston… help[ing] not only to completely transform entire neighborhoods but also to create good jobs for hundreds of union workers thereby providing a healthy boost to the local economy.’’ —Thomas R. Gleason, then MassHousing Executive Director referring to Washington Beech & Old Colony Washington Beech $60M HIT Investment | $118M TDC | 245 Housing Units | 575 Union Jobs Old Colony Bringing New Life to a Low-Income Neighborhood Old Colony, with its more than 800 public housing units, was one of the Boston Housing Authority’s (BHA) largest and most distressed properties. e de_ciencies of the property were far too severe and numerous to be addressed through rehabilitation and the physical condition of Old Colony compromised the health, safety and well-being of the residents. Situated on a 16-acre site, the complex has been a major a_ordable housing resource for community residents for over 70 years. A comprehensive redevelopment plan by the BHA and MassHousing in conjunction with the developer, Beacon Communities, replaced outdated and deteriorated super blocks of red brick buildings with new residential units in a variety of housing styles that integrate more smoothly into the surrounding South Boston neighborhood. e redevelopment of the project created an estimated 575 union construction jobs. In an e_ort to invoke a sense of community among the diverse population, the redevelopment plan included the Joseph M. Tierney Learning Center, a community center that provides Head Start and daycare programs. All of the 245 apartments were designed to be a_ordable to residents earning no more than 60% of area median income, allowing residents to remain in their community. e success of this redevelopment and the turnaround of the neighborhood have led the BHA to solicit proposals for redeveloping the adjacent Mary Ellen McCormack public housing project.

Impacts $684M HIT INVESTMENT $1.4B TOTAL DEVELOPMENT 18 PROJECTS 4,640 UNION CONSTRUCTION JOBS 4,740 OTHER COMMUNITY JOBS 15,831 HOUSING UNITS $1.6B TOTAL ECONOMIC IMPACT $667M TOTAL WAGES & BENEFITS $339M CONSTRUCTION WAGES & BENEFITS “I love my trade. I love coming to work. You learn something every day.” —Alfredo Longsworth, UA Local 1, CUNY Grad Center NEW YORK CITY Electchester Commitment to Union-Built Housing e Joint Industry Board of the Electrical Industry (JIB), a long-time participant in the HIT, developed Electchester Housing Companies more than 50 years ago for members of Local 3 of the International Brotherhood of Electrical Workers (IBEW). Visionary IBEW leader Harry Van Arsdale, Jr., the _rst president of the New York City Central Labor Council and one-time IBEW Treasurer, worked with the JIB to purchase the site, a 103-acre former golf course in Flushing, Queens. Electchester was built with 100% union labor, creating jobs to address the building trades’ high post-war unemployment. e HIT made short-term direct loans to the _ve cooperatives that make up Electchester for capital improvements and to restructure existing _nancing. e rehabilitation work at the 38-building project generated an estimated 175 union construction jobs. Electchester, which today is still predominately occupied by residents with IBEW ties, is symbolic of the HIT’s commitment to helping to breath new life into union-built a_ordable housing in New York City and around the country. “We can use the power of our pension capital, not only to put our members to work … but to have an environment where they can live a_ordably in good units and stable communities.” —Gary LaBarbera, President, Greater New York B.C.T.C.

Douglass Park New Apartments for the Harlem Renaissance Named after the 19th century abolitionist and reformer Frederick Douglass, Douglass Park is the a_ordable component of a larger redevelopment plan to produce a_ordable and workforce housing in three mixed-use buildings in Manhattan’s historic Harlem neighborhood. e project helped support New York City’s revitalization plan as it helped meet the city’s critical need for a_ordable housing following the Great Recession. Because of the depressed credit markets in early 2009, the developer had been unable to _nd many investors interested in purchasing _xed-rate tax-exempt bonds, which the New York City Housing Development Corporation (HDC) required for _nancing the project’s a_ordable component. e HIT worked with HDC, the New York City Preservation Department, and the developer to structure the _nancing, thereby ensuring that the entire three-building development would be built. e HIT purchased bonds issued by HDC under its Low-Income A_ordable Marketplace Program (LAMP). e HIT also purchased HDC bonds under LAMP to help _nance the construction of e Dempsey, a nearby $26 million apartment building. ese projects together created an estimated 315 union construction jobs. “One of the most critical issues facing working families in New York City is a_ordable housing. I commend HIT's commitment to addressing the lack of a_ordable housing in our City.” —Letitia James, Public Advocate, Office of the New York City Public Advocate “ e location is unbeatable; there is a senior center, playgrounds for kids and families… It is a very safe and secure place to live.” —Ashton Spann, Penn South resident “We're looking forward to more jobs like this in the future, you know, to clear the bench.” —Desiree Trippett, IBEW Local 3, The Dempsey (2009) 7

Impacts $246M HIT INVESTMENT $471M TOTAL DEVELOPMENT 8 PROJECTS 3,000 UNION CONSTRUCTION JOBS 3,590 OTHER COMMUNITY JOBS 1,648 HOUSING UNITS $893M TOTAL ECONOMIC IMPACT $401M TOTAL WAGES & BENEFITS $183M CONSTRUCTION WAGES & BENEFITS “ is job means a lot to me. Without it going, I know that there would be a lot of people out of work. Plus it revitalizes downtown so it’s nice to be part of such a huge project.” — Chris Flemming, Laborers Local 42 St. Louis, The Laurel ST. LOUIS Downtown Redevelopment Looking to the Future and Preserving the Past e HIT helped St. Louis realize its plans for a much-needed half billion dollar redevelopment of the central business district by providing _nancing for two cornerstones of that plan. In 2010, the HIT invested $108 million to help _nance the adaptive re-use of both e Park Paci_c and e Laurel, keystone projects in the city’s largest investment in revitalization in three decades. Together these projects, with total development investment of $273 million, supplied 435 housing units, over 60,000 square feet of retail space, a hotel, o_ce space, and indoor parking. On-site construction at both projects created an estimated 2,100 jobs for members of the local building trades unions. Both projects helped preserve important parts of St. Louis’ past. e Park Paci_c project was the redevelopment of a historic landmark, the former Missouri Paci_c/Union Paci_c building as a mixed-use residential development. e Laurel involved the adaptive re-use of another historic landmark, the former Dillard’s department store. e Park Paci_c and e Laurel are close to the redevelopment of the St. Louis Center and One City Center, other components of the renewal e_ort. Since the completion of these projects, the once vibrant neighborhood has been brought back to life.

Senior Housing Rehabilitation Keeping Quality Housing Affordable ree housing developments for low-income residents aged 62 or older were in disrepair and in need of major rehabilitation to maintain a_ordability, enhance livability, and make them more energy e_cient. With the help of HIT _nancing, housing for these seniors, which is sponsored by Cardinal Ritter Senior Services, an a_liate of the Archdiocese of St. Louis Catholic Charities, was preserved and upgraded in St. Louis County, just outside of the city. “We appreciate the HIT’s ongoing support of union construction for multifamily and senior housing projects in the St. Louis metro area and recognize the bene_ts provided to the workers and the community.” — John Stiffler, Executive Secretary - Treasurer, St. Louis B.C.T.C. e HIT re_nanced existing debt and provided funds for renovations. e $13 million Holy Infant and St. Joseph Apartments project in Shrewsbury is keeping the 157 housing units a_ordable for low-income seniors for an additional 20 years. e $8 million St. John Neumann Apartments project in Jennings provided capital to renovate existing units and construct new units, while keeping all 100 units a_ordable to residents earning at or below 50% of the area median income for an additional 20 years. Together, these projects created an estimated 130 union construction jobs. “We appreciate all that the AFL-CIO Housing Investment Trust is doing as a partner to create jobs in this tough economy and make St. Louis a better place to live and work.” — Francis G. Slay, St. Louis Mayor “(Before this) we were really slow. ey went ... from 50 or 60 to like 15 of us. So this job has really helped put a lot of our plumbers back to work.” — Steve Sullivan, Plumbers and Pipefitters 562, St. Louis (2010) Heights at Manhasssett

Impacts $157M HIT INVESTMENT $513M TOTAL DEVELOPMENT 13 PROJECTS 2,660 UNION CONSTRUCTION JOBS 2,500 OTHER COMMUNITY JOBS 2,504 HOUSING UNITS $775M TOTAL ECONOMIC IMPACT $298M TOTAL WAGES & BENEFITS $159M CONSTRUCTION WAGES & BENEFITS CHICAGO Lawndale Terrace and Plaza Court Apartments Improving the Quality of Life for Low-Income Families Built in the early 1980s, these aging Section 8 properties, consisting of 19 buildings occupying multiple sites in the North Lawndale community, were badly in need of renovation. North Lawndale is one of the historic communities that the City of Chicago has targeted for redevelopment and revitalization assistance. With all 198 units at Lawndale Terrace and Plaza Court Apartments designated as a_ordable, the $19 million of renovation work substantially improved the quality of life for low-income families. Lawndale Terrace consists of a 13-story tower and six townhouse buildings with 150 units, while Plaza Court has 12 two-story buildings with 48 townhouse style units. e rehabilitation created an estimated 145 jobs for members of the local building trades. “We appreciate HIT’s commitment to and support of union construction at numerous projects that have put our members to work in the Chicago area for nearly 30 years and recognize the bene_ts this commitment has provided to the workers and the community.” —Michael Macellaio, Secretary – Treasurer, Chicago and Cook County B.C.T.C.

“Investing in projects like the Kenmore Plaza highlights the HIT’s dedication to neighborhood development, but more importantly their commitment … that job creation remains to be a top priority across the country.” — Kurt Summers, Chicago Treasurer Paul G. Stewart Phase III Revitalizing Housing for Low-Income Seniors s Built in 1976 as a part of the six-phase Paul G. Stewart residential campus, the aging 20-story, 180-unit residential tower is getting major repairs that will bring renovated a_ordable housing to seniors in Chicago’s South Side Bronzeville community. e project sponsor and operating entity is Peoples Consumer Co-Operative (PCC), an Illinois not-for-pro_t corporation that was organized in 1937 as a cooperative buying club for African-Americans to purchase quality goods and services. e complex is named after Paul G. Stewart, one of the founders of PCC who was also the second African-American to become a Certi_ed Public Accountant in Illinois. e HIT helped _nance the substantial rehabilitation of Phase III and also provided _nancing in 2007 for the renovation of Phases I and II. e repair work on Phase III created approximately 145 union construction jobs. “Building union means you have men and women who take pride in their work. Because of union bene_ts, … I can provide a better life for my wife and children. Being a union man has set the foundation for my family.” — Charlie Williams, Laborers Local 6, Kenmore Plaza
MINNEAPOLIS

Impacts $334M HIT INVESTMENT $593M TOTAL DEVELOPMENT 14 PROJECTS 2,970 UNION CONSTRUCTION JOBS 3,890 OTHER COMMUNITY JOBS 3,478 HOUSING UNITS $1.0B TOTAL ECONOMIC IMPACT $384M TOTAL WAGES & BENEFITS $179M CONSTRUCTION WAGES & BENEFITS “Using union members’ pension funds to _nance projects like Five15 on the Park makes sense. e project provides good paying jobs with wages and bene_ts so it supports workers and the local economy.” — Dan McConnell, Business Manager, Minneapolis B.C.T.C. Riverside Plaza Renewing an Iconic Affordable Housing Complex Designed by the Modernist architect Ralph Rapson, Riverside Plaza was one of the _rst urban renewal projects completed as part of a federal campaign to integrate diverse socioeconomic groups into densely populated self-sustaining communities. e six-building complex, which opened in 1973, is located in the Cedar-Riverside neighborhood on the edge of downtown Minneapolis. It is highly visible with one of the tallest structures outside the central business district, and national television audiences knew its exterior as the _ctional residence of Mary Richards on the Mary Tyler Moore show. It has been a major source of a_ordable housing and has been home to many new immigrants. Of its 1,303 units, 90% are a_ordable to low- and moderate-income residents. By 2010, the aging complex required substantial rehabilitation of deteriorating mechanical, plumbing, and electrical systems as well as signi_cant interior and exterior repairs. e HIT worked with the project sponsor, Sherman Associates, to structure a creative $123 million _nancing package. e local building trades worked with the city, the community, the general contractor, and the HIT to make sure that local and minority hiring requirements were met. An estimated 880 union construction jobs were created on the rehabilitation. Riverside Plaza is adjacent to recently constructed Five15 on the Park that was also _nanced by the HIT. Five15 on the Park is providing 259 apartments, half of which are a_ordable to low- and moderate -income families, in this now _ourishing neighborhood.

SAINT PAUL “It's very important that we keep the economy moving and keep building buildings so that guys like me have a job to go to and we can keep feeding our families.” —Josh Grietenhagen, Sprinkler Fitters Local 41, Walkway Apartments 333 on the Park Preserving History & Providing Quality Housing e 333 on the Park project contributed to the e_ort to preserve historical buildings in the Lowertown district at the east end of the central business district, where many older buildings are being converted into multifamily, retail, and o_ce space. e development is providing quality housing that is close to mass transit and within walking distance of many attractions so that people have better access to jobs, services and community amenities. e $42 million substantial rehabilitation converted an eight story o_ce building constructed in 1913 into 134 apartments. e building is well-situated – located adjacent to Mears Park and the Metro Transit Green Line and two blocks from the Mississippi River and the Saint Paul Farmers Market. It is also within walking distance of sports venues and other recreational activities and is connected to the Saint Paul skyway system. e construction work at the project was expected to create an estimated 190 union construction jobs. “ is is a good example of investing union pension dollars to create construction jobs with healthcare and retirement bene_ts at the same time bene_ting the community at large.” —Don Mullin, Executive Secretary, Saint Paul B.C.T.C. 13

SAN FRANCISCO Impacts $172M HIT INVESTMENT $337M TOTAL DEVELOPMENT 4 PROJECTS 2,190 UNION CONSTRUCTION JOBS 2,140 OTHER COMMUNITY JOBS 778 HOUSING UNITS $647M TOTAL ECONOMIC IMPACT $279M TOTAL WAGES & BENEFITS $151M CONSTRUCTION WAGES & BENEFITS Arc Light Co. Historic Building Meeting Housing Needs $32M HIT Investment 94 Housing Units $48M TDC 440 Union Jobs By converting a historic building in the South Beach neighborhood into an innovative multifamily development, the Arc Light project provided much-needed in-town rental and a_ordable housing. e project helped revitalize the neighborhood and spur its transition from a largely industrial area to a resident and retail-oriented community. e construction created an estimated 440 on-site union jobs. Previously, the HIT had invested in the nearby One Embarcadero South. Arc Light’s innovative design combined an older brick structure with a new _ve-story concrete building on the site of the Arc Light Company Station building, which had previously been used for various industrial and commercial purposes. e building also includes a restaurant. With its many green features, Arc Light became San Francisco’s _rst LEED gold-certi_ed mid-rise residential project. It is conveniently located close to the _nancial district, Giants Stadium (AT&T Park), the eater District, and the Embarcadero waterfront and includes electric car charging stations and bicycle parking. Twenty percent, or 19, of the 94 apartments are reserved for lower-income households.

Rincon Green @ 333 Harrison Transit-Oriented Housing Development $70M HIT Investment 326 Housing Units $105M TDC 730 Union Jobs e construction of Rincon Green @ 333 Harrison was important to San Francisco’s e_ort to develop downtown neighborhoods by providing rental housing for people at a variety of income levels. It brought critically-needed mixed-income housing to the Rincon Hill area at the eastern end of the city’s large South of Market (SOMA) district, an area that has been undergoing considerable redevelopment. e project also exempli_es transitoriented development with its location near San Francisco’s Transbay Transit Center, which is being developed as a mass-transit hub for the region’s public bus and rail systems. e project’s developer is Emerald Fund, Inc., one of San Francisco’s premier real estate development companies with expertise in bringing housing to neighborhoods with access to public transit. the project provided 326 apartments, including 49 units a_ordable to residents earning no more than 30% of the area median income. e need for housing was so great that all of the units were leased within six months after opening in 2013. e design included such energy e_cient features as a green roof and solar hot water system. e construction created an estimated 730 on-site union jobs. “ e Housing Investment Trust has provided signi_cant bene_ts to our City: competitive pension fund returns, jobs and a_ordable housing.” —Malia Cohen, San Francisco Board of Supervisors, District 10 “101 Polk means a great deal to me. It means that I can provide for my family. And that I have a place to work every day until the project is done.” — Jeremiah Garcia, Operating Engineers, Local #261 15

Jobs Created by Trade TRADE JOBS HOURS Carpenters 4,321 8,702,200 Electrical Workers 3,581 7,211,800 Laborers 2,984 6,009,800 Plumbers 2,626 5,288,600 Painters 1,910 3,846,300 Other 1,790 3,605,900 Bricklayers (including tile setters) 1,623 3,269,300 Cement Masons 908 1,827,000 Operating Engineers 836 1,682,700 Roofers 811 1,634,700 Sheet Metal Workers 740 1,490,400 Ironworkers 716 1,442,400 Teamsters 358 721,200 Asbestos and insulation 310 625,000 Boilermakers 239 480,800 Elevator Constructors 119 240,400 Grand Total 23,872 48,078,500 Investors should consider the HIT’s investment objectives, risks, and charges and expenses carefully before investing. is and other information is contained in the HIT’s prospectus. To obtain a prospectus, call the HIT at 202-331-8055 or view the HIT’s website at www.a_cio-hit.com.

KENMORE PLAZA APARTMENTS, CHICAGO, IL, 112 JOBS * LAKE VILLAGE EAST APARTMENTS, CHICAGO, IL, 72 JOBS * LAWNDALE TERRACE & PLAZA COURT APARTMENT, CHICAGO, IL, 144 JOBS * LIBERTY MEADOWS ESTATES, PHASE II, JOLIET, IL, 41 JOBS * MA GREEN HIGH PERFORMANCE COMPUTING CENTER, HOLYOKE, MA, 553 JOBS * MAC MAHON STUDENT CENTER, JERSEY CITY, NJ, 308 JOBS * MAYFIELD MANOR I, CANTON, OH, 100 JOBS * MONTCLARE SENIOR RESIDENCES @ AVALON PARK, PHASE II, CHICAGO, IL, 103 JOBS * NEW YORK PRESBYTERIAN HOSPITAL, MANHATTAN, NY, 418 JOBS * NYCHA BONDS: THE BAY VIEW, BROOKLYN, NY, 123 JOBS * NYCHA BONDS: THE BOULEVARD, BROOKLYN, NY, 25 JOBS * NYCHA BONDS: THE STAPLETON, STATEN ISLAND, NY, 59 JOBS * OLD COLONY PHASE 1, BOSTON, MA, 288 JOBS * OLD COLONY PHASE 2A, BOSTON, MA, 104 JOBS * OLD COLONY PHASE 2B, BOSTON, MA, 185 JOBS * PARK PACIFIC APARTMENTS, ST. LOUIS, MO, 753 JOBS * PARKWAY LAKESIDE APARTMENTS, O'FALLON, IL, 147 JOBS * PASEO VERDE, PHILADELPHIA, PA, 303 JOBS * PAUL G. STEWART I & II, CHICAGO, IL, 421 JOBS * PAUL G. STEWART APARTMENTS III, CHICAGO, IL, 143 JOBS * PENN SOUTH COOPERATIVE, MANHATTAN, NY, 990 JOBS * PENN SOUTH COOP (SUPPLEMENTAL), MANHATTAN, NY, 306 JOBS * PENN SOUTH COOP, MANHATTAN, NY, 235 JOBS * PORTNER FLATS, WASHINGTON, DC, 208 JOBS * POTRERO LAUNCH APARTMENTS, SAN FRANCISCO, CA, 575 JOBS * RANDOLPH TOWER APARTMENTS, CHICAGO, IL, 1,005 JOBS * REGENCY TOWER, NEW BEDFORD, MA, 205 JOBS * RINCON GREEN @ 333 HARRISON, SAN FRANCISCO, CA, 728 JOBS * RIVERSIDE PLAZA APARTMENTS, MINNEAPOLIS, MN, 882 JOBS * ROSWELL PARK CANCER INSTITUTE CLINICAL SCIENCE CENTER, BUFFALO, NY, 211 JOBS * SEWARD TOWERS EAST & WEST, MINNEAPOLIS, MN, 270 JOBS * SOLHEM APARTMENTS, MINNEAPOLIS, MN, 72 JOBS * SQUANTUM GARDENS, QUINCY, MA, 263 JOBS * ST. JOHN NEUMANN APARTMENTS, JENNINGS, MO, 40 JOBS * STOUT STREET HEALTH CENTER, DENVER, CO, 210 JOBS * THE DEMPSEY, MANHATTAN, NY, 139 JOBS * THE HEIGHTS AT MANHASSETT, RICHMOND HEIGHTS, MO, 264 JOBS * THE LAUREL, ST. LOUIS, MO, 1,341 JOBS * THE MODERNE, MILWAUKEE, WI, 391 JOBS * THE PENFIELD, ST. PAUL, MN, 319 JOBS * VICTORY CENTRE @ SOUTH CHICAGO, CHICAGO, IL, 82 JOBS * VILLAS AT CRYSTAL LAKE, SWANSEA, IL, 140 JOBS * WALKWAY UPTOWN APARTMENTS, MINNEAPOLIS, MN, 103 JOBS * WASHINGTON BEECH, BOSTON, MA, 129 JOBS * WEST SIDE FLATS APARTMENTS, ST. PAUL, MN, 159 JOBS * WESTMORELAND'S UNION MANOR, PORTLAND, OR, 293 JOBS * YORKDALE TERRACE TOWNHOMES, EDINA, MN, 116 JOBS * ZVAGO COOPERATIVE AT GLEN LAKE, MINNETONKA, MN, 83 JOBS

AFL-CIO Housing Investment Trust Richard Ravitch, Chairman Stephen Coyle, Chief Executive Officer National Office 2401 Pennsylvania Avenue, NW, Suite 200 Washington, DC 20037 202.331.8055 Boston Ten Post Office Square, Suite 800 Boston, MA 02109 617.850.9071 New York 1270 Avenue of the Americas, Suite 210 New York, NY 10020 212.554.2750 San Francisco One Sansome Street, Suite 3500 San Francisco, CA 94104 415.433.3044 Southern California Office 155 North Lake Avenue, Suite 800 Pasadena, CA 91101 626.993.6676