| AFL-CIO Housing Investment Trust |
| Helping Build Boston - The Union Way |
The AFL-CIO Housing Investment Trust builds on over 30 years of experience investing union capital responsibly to deliver competitive returns to its participants while generating union construction jobs, affordable housing, and economic and fiscal impacts that benefit the communities where union members live and work.
The Boston area is a strong market for the HIT. Since inception, the HIT has invested $537 million in 30 projects with total development investment of $1.4 billion*. These projects have built or preserved over 3,675 housing units and created an estimated 10.3. million hours of union construction work.
In the past 10 years, the HIT has invested $394 million in 12 projects with a total development investment of $1 billion. These projects are creating an estimated 6.8 million hours of union construction work.
Two of the HIT’s most recent commitments are Franklin Square Apartments and Charlesview Apartments.
Economic
and Fiscal Impacts of the HIT-Financed Projects |
Since Inception** |
$2.1B total economic benefits |
$784M personal income |
11,350 total jobs across industry segments, 21.4 M hours of work |
5,050 union construction jobs, 10.3M hours of work |
$60.6M state and local tax revenue generated |
*Building America, which is a subsidiary of the AFL-CIO Housing Investment Trust, provided financing for the following projects through the allocation of New Markets Tax Credits; for Dudley Municipal Center, $7.5 million was provided, an additional $5.5 million was provided for 225 Centre Street.
** Figures provided by Pinnacle Economics are estimates calculated using an IMPLAN input-output model based on HIT project data and secondary source information. Data current as of December 31, 2017 and in 2016 dollars. Since inception dates from 1984-2017.
Continued…
Projects
in the Boston Area in the Last 10 Years
2008-2017*
| Project | Location | Units | HIT Investment | TDC | Jobs |
| Franklin Park Apartments | Boston | 220 | $25,672,000 | $34,000,000 | 224 |
| Old Colony Phase 1 | Boston | 116 | $26,700,000 | $56,844,708 | 288 |
| Washington Beech | Boston | 56 | $13,500,000 | $25,517,516 | 129 |
| 225 Centre Street** | Boston | 103 | $9,915,000 | $53,160,520 | 261 |
| Charlesview Apartments | Boston | 240 | $58,200,000 | $152,000,000 | 746 |
| Blackstone Apartments | Boston | 145 | $42,804,660 | $72,800,962 | 70 |
| Dudley Municipal Center (Non-residential)** | Boston | 175,000 (SF) | - | $115,853,503 | 600 |
| Franklin Square Apartments | Boston | 193 | $47,330,000 | $75,462,270 | 78 |
| Old Colony Phase 2A | Boston | 45 | $12,435,000 | $22,211,272 | 104 |
| Old Colony Phase 2B | Boston | 84 | $21,050,000 | $39,236,796 | 185 |
| Georgetowne Homes One | Boston | 601 | $70,392,000 | $201,565,948 | 395 |
| Georgetowne Homes Two | Boston | 366 | $45,456,000 | $123,637,753 | 248 |
| TOTAL (LAST 10 YEARS - 2008-2017) | 2,169 | $373,454,660 | $972,291,248 | 3,328 |
* In nominal dollars.
** Building America, which is a subsidiary of the AFL-CIO Housing Investment Trust, provided financing for the following projects through the allocation of New Markets Tax Credits; for Dudley Municipal Center, $7.5 million was provided, an additional $5.5 million was provided for 225 Centre Street.
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| Franklin
Park Apartments Boston |
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Old
Colony Boston |
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| Blackstone
Apartments Boston |
225
Centre Street Boston | ||
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JANUARY 2018 |