Building and Construction Trades Council of Greater New York –Executive Board March 11, 202218thSixth Avenue at Pacific Park Brooklyn, NY

OverviewProven Track RecordInvestment StrategyActive Impact InvestingAsofDecember31,2021,unlessotherwisedenoted. HIT'snetperformanceforthe1-,3-,5-,and10-yearperiodsJanuary31,2022was-2.34%,3.39%,2.77%,and2.44%,respectively.Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancedatamaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancereturnsthatHIT’sinvestorsobtain.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus.. $7.1 billion investment grade fixed-income portfolio.Internally managed, open-end institutional mutual fund under Investment Company Act of 1940.Socially responsible investment vehicle. Affordable housing creation and preservation. Creating union construction jobs. Successful ESG record creating economic impacts that benefit underserved communities. Opened doors in 1984 (successor to the Mortgage Investment Trust, started in 1965). Diverse leadership team with average 29 years experience, 18 years at HIT. Record of consistent and competitive returns. Focus on high credit quality multifamily mortgage securities. Higher income with superior credit quality and similar interest rate risk. Provides diversification and liquidity

A tall building with many windowsDescription automatically generated with low confidence566$10.0B$18.6B$36.5B$15.0B189.9M212,060123,339Projectsin HIT Investment, including New Markets Tax Credits (NMTC) allocationsin totaldevelopment costin total economic benefitsin personal income, including wages and benefits with $7.6B for construction workershours of on-site union construction work createdtotal jobs generated across communitieshousing and healthcare units, with 67% affordable housingA picture containing building, outdoor, city, streetDescription automatically generated HIT’s Long History Benefiting Union Workers and CommunitiesNATIONWIDE ECONOMIC IMPACT OFINVESTMENTS* (1984-present)2*Source:PinnacleEconomics,Inc.,andHIT.JobandeconomicimpactsprovidedareestimatescalculatedusingIMPLAN,aninput-outputmodelbasedonHITandHITsubsidiaryBuildingAmericaCDE,Inc.projectdata.DatacurrentasofDecember31,2021.Economicimpactdataisin2020dollarsandallotherfiguresarenominal.

3HIT’s Investment in Major Markets*^Inaddition,HITsubsidiaryBuildingAmericaCDE,Inc.(BuildingAmerica)contributedNewMarketsTaxCredits(NMTC)allocationsasfollows:$21MinBoston,$10MinChicago,$8MinNYC.$193Mnationwide*Source:PinnacleEconomics,Inc.,andHIT.JobandeconomicimpactsprovidedareestimatescalculatedusingIMPLAN,aninput-outputmodelbasedonHITandHITsubsidiaryBuildingAmericaCDE,Inc.projectdata.DatacurrentasofDecember31,2021.Economicimpactdataisin2020dollarsandallotherfiguresarenominal.(1984-2021)Bay AreaBostonChicagoNew York CityTwin CitiesMajor MarketsNationwide#of Projects2136587473262566HIT Investment^$467.2M$667.4M$994.3M$1.9B$1.3B$5.4B$9.8BTotal Development Cost$866.0M$1.6B$2.1B$4.8B$2.0B$11.4B$18.6BUnion Construction Hours10.2M12.9M20.1M26.2M19.1M88.5M189.9MTotal Jobs Created11,12714,89021,54029,35824,021100,936212,060Housing Units (% affordable)3,520 (35%)4,232 (89%)13,400 (69%)44,226 (92%)10,678 (51%)76,056 (79%)123,339 (67%)Total Economic Impact$1.9B$2.9B$3.6B$5.4B$4.0B$17.8B$36.5B

A picture containing building, outdoor, car, parkedDescription automatically generatedA picture containing sky, building, outdoor, cityDescription automatically generated HIT in New York City (1984-2021)*A picture containing sky, building, outdoor, cityDescription automatically generated4*Source:PinnacleEconomics,Inc.,andHIT.JobandeconomicimpactsprovidedareestimatescalculatedusingIMPLAN,aninput-outputmodelbasedonHITandHITsubsidiaryBuildingAmericaCDE,Inc.projectdata.DatacurrentasofDecember31,2021.Economicimpactdataisin2020dollarsandallotherfiguresarenominal.74$1.9B$4.8B$5.4B$1.4B26.2M29,35844,226Projectsin HIT Investment, including New Markets Tax Credits (NMTC) allocationsin totaldevelopment costin total economic benefitsin personal income, including wages and benefits for construction workershours of on-site union construction work createdtotal jobs generated across communitieshousing and healthcare units, with 92% affordable housing

A picture containing person, indoorDescription automatically generated 5. Enhance Performance. Increase Number of Projects and Impact Investments. Lower Costs. New Tools. New RelationshipsIn 2019, HIT Sought Ways to:A picture containing tool

Description automatically generatedA picture containing cart, mammal, cageDescription automatically generatedA picture containing text, sky, nature, shoreDescription automatically generated A tall building with many windowsDescription automatically generated with low confidence A picture containing sky, outdoor, apartment buildingDescription automatically generated 6*$1.6 billion in HIT commitments and $59.5 million in NMTC. HIT'snetperformanceforthe1-,3-,5-,and10-yearperiodsJanuary31,2022was-2.34%,3.39%,2.77%,and2.44%,respectively.Theperformancedataquotedrepresentspastperformanceandisnoguaranteeoffutureresults.Periodsoveroneyearareannualized.InvestmentresultsandprincipalvaluewillfluctuatesothatunitsintheHIT,whenredeemed,maybeworthmoreorlessthantheoriginalcost.TheHIT’scurrentperformancedatamaybelowerorhigherthantheperformancedataquoted.Performancedatacurrenttothemostrecentmonth-endisavailablefromtheHIT’swebsiteatwww.aflcio-hit.com.GrossperformancefiguresdonotreflectthedeductionofHITexpenses.NetperformancefiguresreflectthedeductionofHITexpensesandaretheperformancereturnsthatHIT’sinvestorsobtain.InformationaboutHITexpensescanbefoundonpage1oftheHIT’scurrentprospectus.. 2019-2021 committed or allocated $1.7 billion* to 48 projects with $3.5 billion in total development costs.Closed 2021 with 41 projects under construction.Competitive returns –e.g., outperformed the benchmark by 81 bps on a gross basis, 50 bps net, in 2021.Record AUM –$7.1 billion at year end 2021.Reduced operating costs –record low expense ratio of 31bps in 2021HIT’s Recent Achievements

Strong Multifamily Housing Demand Dwarfs Supply. National vacancy rates hit a pandemic low of 4.7% at year-end, down from a pandemic peak of 5.4% at the start of the year –NYC vacancy rate fell to 3.5%.. Chronic underbuilding during the Great Recession has constrained apartment supply at a time when demand is increasing for apartment living.. Renter household growth accelerated over the last year, climbing by more than 870,000 to a total of 44 million.. U.S. apartments posted record-breaking 2021 rent growths. Asking rents grew a record 11.9% in 2021 –the highest growth rate on record since REIS/Moody’s began publishing the data in 1999.. In NYC median rent rose to a record $3,840 at the end of 2021.Source: Joint Center for Housing Studies Harvard University; REIS/Moody’s.Record Rise in Apartment Rents

New York City is Rebounding. NYC is adding jobs and recovering from the Covid recession with solid job growth and declining unemployment.. Employment up 6.4% in 2021 after declining by over 10% in 2020.. Migration out of NYC city peaked in March 2020 as 79,793 households left the city, an increase of 65% over March 2019.. Since July 2021 monthly net losses have been comparable to 2019 and have even shown an improvement in areas such as: Chelsea/Midtown, Murray Hill/Gramercy, Battery Park City/Greenwich Village, Chinatown/Lower East Side, and the Upper East Side.. Map 4: Change in Net Residential Moves from Pre-PandSource: https://comptroller.nyc.gov; Bureau of Labor Statistics; REIS/Moody’s.

New York and the U.S. Face an Affordable Housing Crisis. Extremely low-income renters face a shortage of 7 million rental units in the U.S.; only 37 affordable homes exist for every 100 extremely low-income.. Affordable housing is critical to the growth of NYC with the largest public housing system in the nation.. Low-income New Yorkers were hit the hardest by the pandemic.. 42% of New York City Housing Authority (NYCHA) households were in arears at the end of 2021 because they faced declining wages during the pandemic.. Governor Hochulrecently launched a 5-year plan to create or preserve 100,000 affordable homes with significant investmentsto NYCHA properties and is committed to fix outdated land use laws that prevent development.. City’s affordable housing goals create a pipeline of construction work.. HIT’s investments to create or preserve 40,640 affordable housing units in NYC since inception has created an estimated 26 million hours of union construction work (over 13,000 jobs) and over 29,000 total jobs across communities.. Passage of the $1.2 trillion Infrastructure bill is historic –the same needs to be done for affordable housing.

Breakdowns of Inflation –YoY % change (as measured by CPI)Source: Bureau of Labor Statistics

Wages not Keeping up with InflationSource: Bureau of Labor Statistics

Labor’s Role in Supporting the Construction of Affordable Housing in NYCSource: http://inthesetimes.com/features/unions-housing-crisis-labor-coop-apartments-new-york-homeless-rent-control.html

How Labor Can Continue to Support the Creation of Affordable HousingA picture containing personDescription automatically generated A picture containing text, person, personDescription automatically generated . Advocate to investment consultants and advisors. Invest in the HIT. Identify potential projects –refer future deal opportunities to the HIT. Be an active supporter of legislation to promote more union-built affordable housing projects

13A picture containing personDescription automatically generated A picture containing text, person, engineDescription automatically generated A picture containing person, indoorDescription automatically generatedA picture containing sky, outdoor, city, towerDescription automatically generated 18 Sixth Avenue at Pacific Park | Brooklyn HIT Investment: $100M Total Development Cost: $710M Hours of Union Construction Work: 3,881,830 Total Housing Units: 858 (30% affordable)

A picture containing sky, outdoor, building, tallDescription automatically generatedA picture containing building, outdoor, city, streetDescription automatically generated 311 West 42nd Street | Manhattan HIT Investment: $50M Total Development Cost: $338M Hours of Union Construction Work: 1,995,680 Total Housing Units: 330 (25% affordable)A picture containing buildingDescription automatically generated

Betances Residence | Bronx HIT Investment: $52MTotal Development Cost: $98M Hours of Union Construction Work: 633,290Total Housing Units: 152 (100% affordable)A picture containing outdoor, sky, building, cityDescription automatically generated

Joseph P. Addabbo Family Health Center | Queens NMTC Allocation: $8M Total Development Cost: $23M Hours of Union Construction Work: 216,970A picture containing outdoor, building, walkwayDescription automatically generated

www.aflcio-hit.comAFL-CIO Housing Investment Trust 1227 25thStreet, NW, Suite 500 Washington, DC 20037 (202) 331-8055InvestorsshouldconsidertheHIT’sinvestmentobjectives,risksandexpensescarefullybeforeinvesting.InvestorsmayviewtheHIT’scurrentprospectus,whichcontainsmorecompleteinformation,onitswebsiteatwww.aflcio-hit.comandmayobtainacopyfromtheHITbycallingtheMarketingandInvestorRelationsDepartmentcollectat202-331-8055.Investorsshouldreadthecurrentprospectuscarefullybeforeinvesting. Thisdocumentcontainsforecasts,estimates,opinions,and/orotherinformationthatissubjective.Statementsconcerningeconomic,financial,ormarkettrendsarebasedoncurrentconditions,whichwillfluctuate.Thereisnoguaranteethatsuchstatementswillbeapplicableunderallmarketconditions,especiallyduringperiodsofdownturn.Itshouldnotbeconsideredasinvestmentadviceorasarecommendationofanykind.OPEIU Chang Suh, CFA CEO & CIO csuh@aflcio-hit.com