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
77 | $1.4B | $2.1B | 19.9M | 11,036 |
Projects | HIT Investment Amount |
Total Development Cost |
Hours of Union Construction Work |
Housing Units Created or Preserved |
$4.5B | 25,206 | $1.8B | $180.4M | 52% |
Total Economic Impact |
Total Jobs Across Industries |
Total Wages and Benefits |
State and Local Tax Revenue Generated |
Percent Affordable |
PROJECT PROFILE:
LADDER 260
The HIT provided a total of $18.2 million in funding for the $34.3 million new construction of the 90-unit Ladder 260 in Minneapolis, creating an estimated 203,510 hours of union construction work.
PROJECT PROFILE:
THE 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.
continued
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 June 30, 2022. Economic impact data is in 2021 dollars and all other figures are nominal.
Helping Build Twin Cities—The Union Way | JUNE 2022 |
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42nd & Central – Columbia Heights | Old Cedar Apartments – Bloomington | Greenway 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
Project |
Location |
HIT Investment |
TDC |
Construction 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 |
42nd & Central | Columbia Heights | $10,631,900 | $21,899,161 | 140,880 |
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 |
Wilder Square | St. Paul | $22,909,000 | $33,108,000 | 157,100 |
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 June 30, 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.
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1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com | ![]() |
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