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Helping Build New York City—The Union Way |
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.
Economic and Fiscal Impacts of the HIT-Financed Projects in New York City
In 2018 Dollars, Since Inception*
67 |
$1.7B |
$8M |
$3.6B |
41,495 |
Projects |
HIT
Investment |
Building America NMTC Allocation |
Total Development Cost |
Housing
Units |
20.4M |
20,834 |
$1.6B |
$243.8M |
$3.7B |
Hours of Union Construction Work |
Total
Jobs Across |
Total
Wages |
State
and Local Tax |
Total Economic Impact |
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PROJECT PROFILE: 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 633,290 hours of union construction work. |
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PROJECT PROFILE: ELECTCHESTER HOUSING COMPANIES The HIT provided $49 million for rehabilitation work at the 2,399-unit Electchester Housing Companies in Queens, creating an estimated 351,900 hours of union construction work. |
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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 September 30, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.
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Helping Build New York—The Union Way |
SEPTEMBER 2019 |
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Elizabeth Seton |
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Penn South |
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Joseph
P. Addabbo Family Health Center |
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“When building trades’ pension capital is used to finance 100% union built development in New York City, our pension funds get stronger. When the project also addresses the City’s massive need for affordable housing, it is a win-win.”
—Gary LaBarbera, President
Building and Construction Trades Council of Greater New York
RECENT NEW YORK CITY INVESTMENTS
Project |
Location |
HIT Investment/Building America NMTC Allocation |
TDC |
Construction Work Hours | |||||||
| 606 West 57th St. (2016 Bonds) | Manhattan | $31,000,000 | $108,742,105 | 416,200 | |||||||
| Elizabeth Seton Pediatric Center II | Yonkers | $18,300,000 | $21,130,584 | 210,590 | |||||||
| Penn South Cooperative (2017) | Manhattan | $55,000,000 | $191,000,000 | 473,480 | |||||||
| 33 Bond Street (2017 Bonds) | Brooklyn | $20,000,000 | $287,120,000 | 266,760 | |||||||
| 606 West 57th St. (2017 Bonds) | Manhattan | $20,000,000 | $275,384,620 | 268,520 | |||||||
| 1490 Southern Boulevard | Bronx | $35,000,000 | $59,120,711 | 456,530 | |||||||
| 606 West 57th St. (2018 Bonds) | Manhattan | $30,000,000 | $153,157,894 | 387,130 | |||||||
| Joseph P. Addabbo Family Health Center | Queens | $8,000,000 | $23,420,528 | 216,970 | |||||||
| The Ludlow | Manhattan | $75,058,000 | $75,058,000 | 0 | |||||||
| Betances Senior Apartments | Bronx | $52,000,000 | $98,000,000 | 633,290 | |||||||
*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 September 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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2401 Pennsylvania Ave., NW, Suite 200 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |
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