| AFL-CIO Housing Investment Trust |
| Helping Build New York City - 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 New York area is a strong market for the HIT. Since inception, the HIT has invested $1.5 billion in 58 projects with total development investment of $3.3 billion. These projects have built or preserved nearly 37,000 housing units, with 34,400 being affordable units, and created an estimated 19.0 million hours of union construction work*.
Economic
and Fiscal Impacts of the HIT- |
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In 2017 Dollars, Since Inception* |
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$3.3B total economic benefits |
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$1.4B personal income |
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19,050 total jobs across industry segments |
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9,470 union construction jobs, 19.0M hours of work |
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$219.2M state and local tax revenue generated |
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606 West 57th St (2016 & 2017): The HIT purchased $51 million of bonds for the new construction of 682 of planned 1,028- unit, 606 West 57th St. in Manhattan, creating an estimated 341 union construction jobs. |
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Electchester Housing Companies: The HIT provided $49.0 million for refinancing the 2,399-unit Electchester Housing Companies in Queens, creating an estimated 175 union construction jobs. |
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*Figures provided by Pinnacle Economics are estimates calculated using an IMPLAN input-output model based on HIT project data. Data current as of March 31, 2018. Since inception dates from 1984-1Q 2018.
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Projects
in the New York City Area in the Last 10 Years |
In the past 10 years, the HIT has invested $864.8 million in 31 projects with a total development investment of $2.3 billion. These projects are creating an estimated 10.0 million hours of union construction work.*
| Project | Location | Total Units |
Affordable Units |
HIT
Investment |
TDC | ||||||||
| Big Six Towers | Queens | 983 | 983 | $7,760,000 | $11,600,000 | ||||||||
| General Chauncey M. Hooper Tower | Manhattan | 75 | 75 | $5,575,200 | $ 5,575,200 | ||||||||
| Workmen's Circle | Bronx | 41 | 41 | $5,507,900 | $5,507,900 | ||||||||
| Mitchell-Lama Pool: Cadman Tower | Brooklyn | 422 | 422 | $8,051,087 | $ 8,051,087 | ||||||||
| Mitchell-Lama Pool: East Midtown Plaza | Manhattan | 746 | 746 | $5,951,632 | $ 5,951,632 | ||||||||
| Mitchell-Lama Pool: Goodwill Terrace | Queens | 208 | 208 | $1,028,425 | $1,028,425 | ||||||||
| Mitchell-Lama Pool: Ruppert House Coop | Manhattan | 652 | 652 | $5,829,209 | $ 5,829,209 | ||||||||
| Mitchell-Lama Pool: Tower West | Manhattan | 217 | 217 | $1,139,647 | $1,139,647 | ||||||||
| The Dempsey | Manhattan | 80 | 80 | $15,000,000 | $26,363,400 | ||||||||
| The Douglass - Building C | Manhattan | 70 | 70 | $9,500,000 | $31,200,759 | ||||||||
| CUNY Graduate Center Housing | Manhattan | 77 | 12 | $9,832,000 | $28,766,797 | ||||||||
| Elizabeth Seton Pediatric Center | Yonkers | 137 | 137 | $100,000,000 | $115,557,020 | ||||||||
| Lands End II | Manhattan | 490 | 488 | $90,000,000 | $175,000,000 | ||||||||
| NYCHA Bonds: The Bay View | Brooklyn | 1,610 | 1,610 | $5,275,446 | $60,973,580 | ||||||||
| NYCHA Bonds: The Boulevard | Brooklyn | 1,423 | 1,423 | $9,615,000 | $12,500,000 | ||||||||
| NYCHA Bonds: The Stapleton | Staten Island | 693 | 693 | $6,414,554 | $29,621,000 | ||||||||
| Penn South Cooperative | Manhattan | 2,820 | 2,820 | $134,000,000 | $151,000,000 | ||||||||
| The Renaissance | Manhattan | 241 | 180 | $12,500,000 | $28,000,000 | ||||||||
| Electchester Housing Companies | Queens | 2,399 | 2,399 | $49,000,000 | $49,000,000 | ||||||||
| Amalgamated Warbasse Houses | Brooklyn | 2,583 | 2,583 | $89,000,000 | $89,000,000 | ||||||||
| New York Presbyterian Hospital | Manhattan | — | — | $40,000,000 | $71,680,000 | ||||||||
| Hunter's Point South - Building A | Queens | 619 | 619 | $8,265,000 | $232,950,050 | ||||||||
| Penn South Cooperative (Supp. Financing) | Manhattan | — | — | $45,000,000 | $45,000,000 | ||||||||
| Harry Silver Housing Corporation | Brooklyn | 288 | 288 | $8,000,000 | $8,000,000 | ||||||||
| 33 Bond Street (2016 Bonds) | Brooklyn | 144 | 144 | $18,300,000 | $54,320,000 | ||||||||
| 606 West 57th St. (2016 Bonds) | Manhattan | 206 | 206 | $31,000,000 | $108,742,105 | ||||||||
| Elizabeth Seton Pediatric Center II | Yonkers | 32 | 32 | $18,300,000 | $21,130,584 | ||||||||
| 33 Bond Street (2017 Bonds) | Brooklyn | 491 | — | $20,000,000 | $287,120,000 | ||||||||
| 606 West 57th St. (2017 Bonds) | Manhattan | 476 | 202 | $20,000,000 | $275,384,620 | ||||||||
| Penn South Cooperative (2017) | Manhattan | 2,820 | 2,820 | $55,000,000 | $191,000,000 | ||||||||
| 606 West 57th St. (2018 Bonds) | Manhattan | 266 | 32 | $30,000,000 | $153,157,894 | ||||||||
| TOTAL (LAST 10 YEARS - 2008-1Q 2018) | 21,309 | 20,182 | $864,845,100 | $2,290,150,909 | |||||||||
Investors should consider the HIT’s investment objectives, risks and expenses carefully before investing. A prospectus containing more complete information may be obtained from the HIT by calling the Marketing and Investor Relations Department collect at 202-331- 8055 or by viewing the HIT’s website at www.aflcio-hit.com. The prospectus should be read carefully before investing.
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APRIL 2018 |