AFL-CIO Housing Investment Trust

Helping Build New York City - The Union Way

July 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 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 & 2018): The HIT purchased $81 million of bonds for the new construction of 948 of planned 1,028-unit, 606 West 57th St. in Manhattan, creating an estimated 534 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 June 30, 2018. Since inception dates from 1984-2Q 2018. 

Projects in the New York City Area in the Last 10 Years
2008-2Q 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		20		$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 - 2008-2Q 2018)			21,309		20,000		$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. 

July 2018