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Helping Build Twin Cities—The Union Way |
The AFL-CIO Housing Investment Trust builds on nearly 40 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
78
Projects
|
$1.5B
HIT
Investment
|
$2.2B
Total Development
|
20.4M
Hours of Union
|
11,214
Housing Units |
| $4.9B | 25,918 | $1.9B | $197.5M | 53% |
| 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: RISE ON 7 The HIT provided a total of $35.1 million in funding for the $40.4 million new construction of the 120-unit (100% affordable) Rise on 7 in St. Louis Park, creating an estimated 264,020 hours of union construction work. |
PROJECT PROFILE: GREENWAY APARTMENTS The HIT provided a total of $12.3 million in financing for the $26.8 million new construction of the 86-unit (100% affordable) Greenway Apartments in Minneapolis, creating an estimated 176,070 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 since inception, current as of June 30, 2023. Economic impact data is in 2022 dollars and all other figures are nominal.
| Helping Build Twin Cities–The Union Way | JUNE 2023 |
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Amber Union—Falcon Heights |
Peregrine Apartments—Minneapolis |
42nd & Central—Columbia 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
President, Minnesota 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 |
| Cadence Apartments (Old Cedar) | 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 since inception, current as of June 30, 2023. Economic impact data is in 2022 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 of the 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.
 | 1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |  |