Helping Build Minnesota—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 Minnesota
| 108 | $1.8B | $2.6B | 25.0M | 14,134 |
| Projects | HIT Investment Amount |
Total
Development Cost |
Hours of Union Construction Work |
Housing
Units Created or Preserved |
| $5.7B | 31,555 | $2.2B | $225.5M | 50% |
| Total
Economic Impact |
Total
Jobs Across Industries |
Total Wages and Benefits |
State
and Local Tax Revenue Generated |
Percent Affordable |
 |
 |
PROJECT PROFILE: SOUL The HIT provided $64.7 million in funding for the $70.5 million new construction of the Soul project in St. Paul. The project will offer 178 units, all affordable, and create an estimated 483,560 hours of union construction work. |
PROJECT PROFILE: RISE ON 7 The HIT provided $35.1 million in funding for the $40.4 million new construction of the all affordable Rise on 7 in St. Louis Park. The project will offer 120 units and create an estimated 264,020 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 since inception, current as of December 31, 2022. Economic impact data is in 2021 dollars and all other figures are nominal.
| Helping Build Minnesota —The Union Way | DECEMBER 2022 |
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| Zenith–Duluth | Ladder 260–Minneapolis | Amber Union–Falcon Heights |
“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 MINNESOTA INVESTMENTS |
| Construction | ||||
| Project | Location | HIT Investment | TDC | Work Hours |
| The American Cooperative of Anoka | Anoka | $20,931,200 | $34,728,425 | 292,850 |
| The Crest Apartments | Brooklyn Center | $25,014,942 | $40,052,670 | 192,720 |
| 42nd & Central | Columbia Heights | $10,631,900 | $21,899,161 | 140,880 |
| Zenith | Duluth | $26,682,200 | $49,084,470 | 334,360 |
| Amber Union | Falcon Heights | $18,273,000 | $55,604,667 | 371,940 |
| Greenway Apartments | Minneapolis | $12,327,300 | $26,847,568 | 176,070 |
| Ladder 260 | Minneapolis | $18,219,487 | $34,281,708 | 203,510 |
| Peregrine Apartments | Minneapolis | $55,587,970 | $55,711,262 | 363,130 |
| Rise on 7 | St. Louis Park | $35,103,700 | $40,355,688 | 264,020 |
| Soul | St. Paul | $64,700,959 | $70,470,714 | 483,560 |
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 since inception, current as of December 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.
The projects shown on this table may not reflect HIT’s current portfolio for any or all ofthe following reasons: (i) the assets related to the project(s) shown on this table may no longer be held in the HIT’s current portfolio; (ii) other assets in the HIT’s current portfolio may have characteristics different from those shown on this table; and (iii) this table is not a complete list of all the projects financed by the HIT as of the date of this report. A complete list of the HIT’s portfolio holdings as of the most recently disclosed month-end is available upon request or on its website at aflcio-hit.com.
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1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |  |