497 1 ahit-497_042318.htm DEFINITIVE MATERIALS
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-
Financed Projects in New York City

  
 

In 2017 Dollars, Since Inception*

  
     
 

$3.3B total economic benefits

  
     
 

$1.4B personal income

  
     
 

19,050 total jobs across industry segments

  
     
 

9,470 union construction jobs, 19.0M hours of work

  
     
 

$219.2M state and local tax revenue generated

  
     

     
         
 

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.

 

    

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.

 

  

*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.

 

 

 

 

Projects in the New York City Area in the Last 10 Years
2008-1Q 2018

 

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.

 

  APRIL 2018