| Helping Build Twin Cities—The Union Way |
The AFL-CIO Housing Investment Trust builds on over 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 the Twin Cities
| 66 | $1.1B | $1.7B | 17.2M | 9,649 |
| Projects | HIT
Investment Amount |
Total
Development Cost |
Hours of Union Construction Work |
Housing
Units Created or Preserved |
| $3.5B | 21,082 | $1.3B | $136.1M | 46% |
| Total
Economic Impact |
Total
Jobs Across Industries |
Total Wages and Benefits |
State and Local Tax Revenue Generated |
Percent Affordable |
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PROJECT PROFILE: SUNDANCE AT SETTLER’S RIDGE |
PROJECT PROFILE: GATEWAY NORTHEAST | ||
| The HIT provided $53.5 million of funding for the $69.6 million new construction of the 218-unit, Sundance at Settler’s Ridge development in Woodbury, creating an estimated 544,190 hours of union construction work. | The HIT provided $21.0 million in funding for the $38.7 million new construction of the 128-unit Gateway Northeast apartments in Minneapolis, creating an estimated 273,760 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 HIT subsidiary Building America project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
| Helping Build Twin Cities—The Union Way | MARCH 2020 |
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| Riverdale Station East—Coon Rapids | Zvago Cooperative at Lake Superior—Duluth | Bassett Creek Apartments—Minneapolis |
“These HIT-funded projects really help us provide multifamily housing. We have been faced with an affordable housing crisis just like many places, so the more we can build the better it will be for working families. And it seems the HIT is always there to help us out.”
—Dan McConnell, Business Manager
Minneapolis Building and Construction Trades Council
RECENT TWIN CITIES INVESTMENTS
Project |
Location |
HIT Investment |
TDC |
Construction Work Hours |
| Elevate at Southwest Station | Eden Prairie | $49,500,000 | $63,510,988 | 541,000 |
| The Chamberlain | Richfield | $48,277,000 | $62,509,690 | 420,570 |
| Riverdale Station East | Coon Rapids | $28,350,000 | $38,273,494 | 325,650 |
| Riverdale Station West | Coon Rapids | $6,925,000 | $17,489,676 | 138,730 |
| Lake Street Apartments | Minneapolis | $13,500,000 | $27,554,885 | 221,440 |
| Bassett Creek Apartments | Minneapolis | $33,609,500 | $37,616,980 | 344,690 |
| Zvago Cooperative at Lake Superior | Duluth | $14,033,700 | $18,436,578 | 176,940 |
| Sundance at Settler’s Ridge | Woodbury | $53,545,900 | $69,580,136 | 544,190 |
| Parker Station Flats | Robbinsdale | $41,393,900 | $53,082,171 | 508,780 |
| Gateway Northeast | Minneapolis | $20,950,000 | $38,660,971 | 273,760 |
Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America project data. The data is current as of March 31, 2020. Economic impact data is in 2019 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 |  |