| AFL-CIO Housing Investment Trust |
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Helping Build New York City - The Union Way July 2019 |
The AFL-CIO Housing Investment Trust builds on 35 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 $1.7 billion to help finance 66 projects with total development investment of $3.6 billion. These projects have built or preserved nearly 41,495 housing units and created an estimated 20.1 million hours of union construction work.*
Economic and Fiscal Impacts of the HIT-Financed Projects in | ||
In 2018 Dollars, Since Inception* |
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$3.6B total economic benefits |
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$1.6B personal income |
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20,621 total jobs across industry segments |
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10,016 union construction jobs, 20.1M hours of work |
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$241.8M state and local tax revenue generated |
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Betances Senior Apartments: The HIT provided $52 million of financing for the new construction of the 152-unit, Betances Senior Apartments in the Bronx, creating an estimated 317 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. |
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*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and subsidiary Building America project data. The data is current as of June 30, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.
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Projects
in the New York City Area in the Last 10 Years |
In the past 10 years, the HIT has invested over $1 billion in 36 projects with a total development investment of $2.6 billion. These projects are creating an estimated 11 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 |
| HDC Mitchell-Lama Pool: Kingsbridge Arms | Bronx | 105 | 105 | $658,119 | $3,570,000 |
| HDC Mitchell-Lama Pool: Scott Tower | Bronx | 352 | 352 | $2,405,108 | $13,270,000 |
| HDC Mitchell-Lama Pool: Woodstock Terrace | Bronx | 319 | 319 | $1,936,773 | $10,391,000 |
| 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 |
| Hunter’s Point South – Building B | Queens | 306 | 306 | $5,000,000 | $16,025,000 |
| Stevenson Commons | Bronx | 379 | 379 | $980,000 | $60,860,000 |
| 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 |
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Projects
in the New York City Area in the Last 10 Years |
| Project | Location | Total Units | Affordable Units | HIT Investment | TDC |
| Penn South Cooperative (2017) | Manhattan | 2,820 | 2,820 | $55,000,000 | $191,000,000 |
| 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 |
| 1490 Southern Boulevard | Bronx | 115 | 115 | $35,000,000 | $59,120,711 |
| 606 West 57th St. (2018 Bonds) | Manhattan | 266 | 32 | $30,000,000 | $153,157,894 |
| The Ludlow | Manhattan | 243 | 62 | $75,058,000 | $75,058,000 |
| Betances Senior Housing | Bronx | 152 | 152 | $52,000,000 | $98,000,000 |
| TOTAL (2009 - Present) | 22,181 | 20,691 | $1,019,040,000 | $2,603,762,520 |
* Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and subsidiary Building America project data. The data is current as of June 30, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.
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.
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