497 1 ahitbos-497_012219.htm DEFINITIVE MATERIALS
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
Projects in Boston

 
 

In 2017 Dollars, Since Inception*

 
     
 

$2.2B total economic benefits

 
     
 

$844.1M personal income

 
     
 

11,900 total jobs across industry segments

 
     
 

5,290 union construction jobs, 10.8M hours of work

 
     
 

$65.7M state and local tax revenue generated

 
     

 

 

Franklin Square Apartments: The HIT provided $47.3 million of funding for the substantial rehabilitation to the 193-unit, Franklin Square Apartments, creating an estimated 78 union construction jobs.
Charlesview Apartments: The HIT provided $58.2 million in funding for the $152.0 million new construction of the 240, all affordable housing units, Charlesview Apartments project, creating an estimated 746 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 December 31, 2018. Since inception dates from 1984-2018. 

 

 

 

Projects in Boston in the Last 10 Years
2009-2018

 

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