| AFL-CIO Housing Investment Trust |
Helping Build Boston - The Union Way January 2019 |
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 Boston area is a strong market for the HIT. Since inception, the HIT has invested $469 million and its subsidiary Building America CDE has awarded $21 million in tax credits to help finance 31 projects with total development investment of $1.3 billion. These projects have built or preserved over 3,670 housing units and created an estimated 10.8 million hours of union construction work*.
Economic
and Fiscal Impacts of the HIT-Financed |
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In 2017 Dollars, Since Inception* |
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$2.2B total economic benefits |
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$844.1M personal income |
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11,900 total jobs across industry segments |
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5,290 union construction jobs, 10.8M hours of work |
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$65.7M state and local tax revenue generated |
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* 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 December 31, 2018. Since inception dates from 1984-2018.
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Projects
in Boston in the Last 10 Years |
In the past 10 years, the HIT has invested $373 million and its subsidiary Building America CDE has awarded $21 million in tax credits to help finance 13 projects with a total development investment of $1.0 billion in Boston. These projects are creating an estimated 7.2 million hours of union construction work*.
| Project | Location | Units | HIT Investment | TDC | Union Jobs* | |||||
| Franklin Park Apartments | Boston | 220 | $25,672,000 | $34,000,000 | 224 | |||||
| Old Colony Phase 1 | Boston | 116 | $26,700,000 | $56,844,708 | 288 | |||||
| Washington Beech | Boston | 56 | $13,500,000 | $25,517,516 | 129 | |||||
| 225 Centre Street** | Boston | 103 | $9,915,000 | $53,160,520 | 261 | |||||
| Charlesview Apartments | Boston | 240 | $58,200,000 | $152,000,000 | 746 | |||||
| Blackstone Apartments | Boston | 145 | $42,804,660 | $72,800,962 | 70 | |||||
| Dudley Municipal Center | Boston | 175,000 (SF) | — | $115,853,503 | 600 | |||||
| (Non-residential)** | ||||||||||
| Franklin Square Apartments | Boston | 193 | $47,330,000 | $75,462,270 | 78 | |||||
| Old Colony Phase 2A | Boston | 45 | $12,435,000 | $22,211,272 | 104 | |||||
| Old Colony Phase 2B | Boston | 84 | $21,050,000 | $39,236,796 | 185 | |||||
| Georgetowne Homes One | Boston | 601 | $70,392,000 | $201,565,948 | 395 | |||||
| Georgetowne Homes Two | Boston | 366 | $45,456,000 | $123,637,753 | 248 | |||||
| Horizons Watermark** | Boston | 211,000 (SF) | — | $62,076,217 | 227 | |||||
| TOTAL (LAST 10 YEARS: 2009-2018) | 2,169 | $373,454,660 | $1,034,367,465 | 3,555 | ||||||
* 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 December 31, 2018.
** Building America, a subsidiary of the HIT, provided financing for the following projects through the allocation of New Markets Tax Credits: for Dudley Municipal Center, $7.5 million; for 225 Centre Street, $5.5 million; and for Horizons Watermark, $8 million.
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.
 |
January 2019 |