497 1 ahit-497_080918.htm DEFINITIVE MATERIALS
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 and its subsidiary, Building America CDE, Inc.^, have invested $1.5 billion in 59 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 19.3 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

  
     
 

19,260 total jobs across industry segments

  
     
 

9,580 union construction jobs, 19.3M hours of work

  
     
 

$221.2M state and local tax revenue generated

  
     

 

 

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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.
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Electchester Housing Companies: The HIT provided $49 million for rehabilitation work at 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. ^ Building America CDE, Inc., a subsidiary of the HIT, provided financing for one project through the allocation of New Markets Tax Credits

 

 

 

Projects in the New York City Area in the Last 10 Years 2008-2Q 2018

 

In the past 10 years, the HIT has invested $865 million and its subsidiary Building America CDE, Inc. has awarded $8 million in tax credits to help finance 32 projects with a total development investment of $2.3 billion. These projects are creating an estimated 10.2 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 HIT (LAST 10 YEARS)       21,309   20,000   $864,845,100   $2,290,150,909
Joseph P. Addabbo Family Health Center^   Queens   —   —   $8,000,000   $23,420,528
TOTAL BACDE (LAST 10)       —   —   $8,000,000   $23,420,528
TOTAL HIT AND BACDE (LAST 10 YEARS)       21,309   20,000   $872,845,100   $2,313,571,437

 

* 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 June 30, 2018.

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

 

This document provides information about a project or projects financed by the HIT which may or may not be reflective of
other financed projects or refer to an asset currently held in the HIT’s portfolio. 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.

 

(GRAPHIC) July 2018