497 1 ahit-497_051718.htm DEFINITIVE MATERIALS
AFL-CIO Housing Investment Trust
Helping Build New Jersey - The Union Way
May 2018

 

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 State of New Jersey is a strong market for the HIT. Since inception, the HIT and its subsidiary, Building America CDE^, have invested $798 million in 34 projects with total development investment of $1.2 billion. These projects have built or preserved over 5,480 housing units and created an estimated 15.3 million hours of union construction work*.

 

 
Economic and Fiscal Impacts of the HIT- and
Building America-Financed Projects in New Jersey*
In 2017 Dollars
 
$2.6B total economic benefits
 
$1.1B personal income
 
15,700 total jobs across industry segments
 
7,680 union construction jobs, 15.3M hours of work
 
$105.3M state and local tax revenue generated
 

 

 

 
The Sovereign: The HIT provided $66.0 million in financing for the $72.1 million , 261-unit, new construction project, The Sovereign, in Hoboken. The HIT created an estimated 1.2 million hours of union construction work on The Sovereign.   New Brunswick Performing Arts Center (NBPAC): Building America provided $7.0 million of New Markets Tax Credits. The 78,000-square-foot cultural center in New Brunswick is expected to create approximately 410 new union construction jobs.

 

* Figures provided by Pinnacle Economics are estimates calculated using an IMPLAN input-output model based on HIT and subsidiary Building America project data. Data current as of March 31, 2018. Since inception dates from 1984-1Q 2018.

^ Building America, a subsidiary of the HIT, provided financing for five projects through the allocation of New Markets Tax Credits.

 

 

 

 

Projects in New jersey
SINCE Inception (1984-1Q 2018)

 

Project Location Units HIT Investment/
BACDE NMTC ^		   TDC Union
Jobs*
Barnegat Barnegat 120 $4,581,900   $5,040,090 46
Voorhees Pediatric Center Voorhees 90 $4,473,100   $4,920,410 43
Regent Care Center Hackensack 180 $8,120,131   $8,932,144 76
Woodland Care Center Camden 180 $6,108,400   $6,719,240 55
Hudson Square Hoboken 150 $19,847,300   $21,832,030 141
Health Center of Bloomingdale Passaic County 120 $8,562,900   $9,419,190 59
NJ Aids Scattered Sites 34 $995,894   $5,828,212 46
Tower of America West Jersey City 315 $41,836,100   $46,484,556 369
NJ Aids Scattered Housing II Various Cities 30 $813,161   $5,392,540 42
Riverwatch Commons New Brunswick 117 $7,948,300   $11,546,454 68
Chancery Apartments Morristown 108 $12,535,200   $13,928,000 81
Excelsior II Hackensack 268 $41,896,700   $46,551,889 351
Tower of America East Jersey City 444 $54,238,100   $62,271,644 469
Assisted Living of Berlin Berlin 115 $10,430,285   $12,205,148 65
Assisted Living of Forked River Forked River 104 $10,287,073   $11,985,300 71
Assisted Living of Vineland Vineland 115 $10,203,965   $11,852,659 63
North Constitution Apartments Hoboken 138 $23,426,100   $26,040,334 178
South Constitution Apartments Hoboken 172 $28,785,900   $31,984,333 220
The Siena Jersey City 220 $35,502,600   $39,460,000 271
333 River Street (South Waterfront) Hoboken 526 $91,240,533   $119,660,593 805
Southampton at Newport Jersey City 409 $46,760,800   $53,926,077 363
Pacific at Newport Jersey City 336 $51,242,300   $59,336,805 386
North Independence Hoboken 185 $37,495,800   $46,432,071 294
South Independence Hoboken 150 $29,056,300   $34,300,000 217
North Independence (Addt’l. Financing) Hoboken - $8,500,000   $8,500,000 -
Sovereign Apartments Hoboken 261 $66,000,000   $72,110,256 609
Columbus Tower Jersey City 392 $75,000,000   $92,115,485 752
Sovereign Apartments (Addt’l. Financing) Hoboken - $2,000,000   $2,000,000 -
South Independence (Addt’l. Financing) Hoboken - $17,904,453   $17,904,453 -
TOTAL HIT (SINCE INCEPTION)   5,279 $755,793,295   $888,679,913 6,140
Mac Mahon Student Center^ Jersey City - $10,000,000   $49,100,000 308
Cooper Cancer Institute^ Camden - $7,000,000   $58,849,008 412
Halsey Street Teachers Village A^ Newark 123 $10,000,000   $64,172,270 316
Halsey Street Teachers Village B^ Newark 81 $7,700,000   $20,510,655 97
New Brunswick Performing Arts Center^ New Brunswick - $7,000,000   $83,878,634 411
TOTAL BACDE (SINCE INCEPTION)   204 $41,700,000   $276,510,567 1,544
TOTAL HIT AND BACDE (SINCE INCEPTION)   5,483 $797,493,295   $1,165,190,480 7,684

 

* Figures provided by Pinnacle Economics are estimates calculated using an IMPLAN input-output model based on HIT and subsidiary Building America project data. Data current as of March 31, 2018.

 

^ Building America, a subsidiary of the HIT, provided financing for five projects through the allocation of New Markets Tax Credits.

 

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.

 

  May 2018