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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 Area
73
Projects
|
$1.3B
HIT
Investment
|
$2.0B
Total Development Cost
|
19.1M
Hours of Union
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10,678
Housing
Units
|
| $4.3B | 24,021 | $1.7B | $170.2M | 51% |
| Total Economic | Total Jobs Across | Total Wages | State and Local Tax | Percent Affordable |
| Impact | Industries | and Benefits | Revenue Generated |
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PROJECT PROFILE: CREST APARTMENTS The HIT provided a total of $25.0 million in funding for the $40.1 million substantial rehabilitation of the 171-unit Crest Apartments in Brooklyn Center, creating an estimated 192,720 hours of union construction work. |
PROJECT PROFILE: AMBER UNION The HIT provided $18.3 million in funding for the $55.6 million substantial rehabilitation of the 125-unit Amber Union apartments in Falcon Heights, creating an estimated 371,940 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 CDE, Inc. project data. Data is current as of March 31, 2022. Economic impact data is in 2021 dollars and all other figures are nominal.
| Helping Build Twin Cities—The Union Way | MARCH 2022 |
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The Penfield–St. Paul |
Old Cedar Apartments–Bloomington |
Peregrine 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
HIGHLIGHTS OF TWIN CITIES AREA INVESTMENTS
| Construction | ||||
| Project | Location | HIT Investment | TDC | Work Hours |
| The American Cooperative of Anoka | Anoka | $20,931,200 | $34,728,425 | 292,850 |
| Old Cedar Apartments | Bloomington | $21,744,000 | $19,169,071 | 150,360 |
| The Crest Apartments | Brooklyn Center | $25,014,942 | $40,052,670 | 192,720 |
| Amber Union | Falcon Heights | $18,273,000 | $55,604,667 | 371,940 |
| Gateway Northeast | Minneapolis | $20,950,000 | $38,660,971 | 273,760 |
| Peregrine Apartments | Minneapolis | $55,587,970 | $55,711,262 | 363,130 |
| Parker Station Flats | Robbinsdale | $41,393,900 | $53,082,171 | 508,780 |
| Morrow (University and Fairview) | St. Paul | $79,100,713 | $68,486,408 | 476,130 |
| Wilder Square | St. Paul | $22,909,000 | $33,108,000 | 157,100 |
| Sundance at Settler’s Ridge | Woodbury | $53,545,900 | $69,580,136 | 544,190 |
Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is current as of March 31, 2022. Economic impact data is in 2021 dollars and all other figures are nominal.
Investors should consider the HIT’s investment objectives, risks and expenses carefully before investing. Investors may view the HIT’s current prospectus, which contains more complete information, on its website at www.aflcio-hit.com and may obtain a copy from the HIT by calling the Marketing and Investor Relations Department collect at 202-331-8055. Investors should read the current prospectus carefully before investing.
 | 1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |  |