497 1 ahitnyc-497_012219.htm DEFINITIVE MATERIALS
AFL-CIO Housing Investment Trust

Helping Build New York City - 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 New York area is a strong market for the HIT. Since inception, the HIT has invested $1.5 billion and its subsidiary Building America CDE has awarded $8 million in tax credits to help finance 60 projects with total development investment of $3.4 billion. These projects have built or preserved over 37,000 housing units and created an estimated 19.7 million hours of union construction work*.

 

 

Economic and Fiscal Impacts of the HIT-Financed Projects in
New York City

 

In 2017 Dollars, Since Inception*

  
     
 

$3.4B total economic benefits

  
     
 

$1.5B personal income

  
     
 

19,920 total jobs across industry segments

  
     
 

9,810 union construction jobs, 19.7M hours of work

  
     
 

$228.2M 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 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 and subsidiary Building America project data. Data current as of December 31, 2018. Since inception dates from 1984-2018.

 

 

 

 

Projects in the New York City Area in the Last 10 Years
2009-2018

 

In the past 10 years, the HIT has invested $881.0 million in 30 projects with a total development investment of $2.4 billion. These projects are creating an estimated 10.5 million hours of union construction work*.

 

Project Location Total Units Affordable
Units		 HIT
Investment		 TDC
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
Joseph P. Addabbo Family Health Center** Queens 21,865 (SF) — —  $23,420,528
1490 Southern Boulevard Bronx 115 115 $35,000,000 $59,120,711
TOTAL (LAST 10 YEARS - 2009-2018)   20,325 19,016  $881,002,000 $2,350,009,048

 

* 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 Joseph P. Addabbo Family Health Center project through the allocation of $8.0 million in 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.

 

  January 2019