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| Helping Build Chicago—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 Chicago Area
| 67 | $1.1B | $10.0M | $2.9B | 14,773 |
| Projects | HIT
Investment Amount |
Building America NMTC Allocation |
Total Development Cost |
Housing Units |
| 24.9M | 28,484 | $2.4B | $263.4M | $5.5B |
| Hours of Union Construction Work |
Total Jobs Across Industries |
Total
Wages and Benefits |
State
and Local Tax Revenue Generated |
Total Economic Impact |
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PROJECT PROFILE: GRACE MANOR APARTMENTS
The HIT provided $4.1 million in financing for the $30.2 million new construction of the 65-unit all affordable apartment complex in Chicago. This project will create an estimated 252,230 hours of union construction work. |
PROJECT PROFILE: 400 LAKE SHORE
The HIT provided $55.0 million in financing for the $543.3 million new construction of the 635-unit (20% affordable) project in Chicago. This project will create an estimated 3,316,100 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 March 31, 2024. Economic impact data is in 2023 dollars and all other figures are nominal.
| Helping Build Chicago—The Union Way | MARCH 2024 |
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| Edwin Berry Manor Apartments | Morningside Court Apartments | 6900 South Crandon Apartments | ||
“We appreciate HIT’s commitment to and support of union construction at numerous projects that have put our members to work in the Chicago area for nearly 30 years and recognize the benefits this commitment has provided to the workers and the community.”
—Michael Macellaio, President
Chicago and Cook County Building and Construction Trades Council
HIGHLIGHTS OF CHICAGO AREA INVESTMENTS
| Project | Location | HIT
Investment/Building America NMTC Allocation |
TDC | Construction Work Hours |
| 400 Lake Shore | Chicago | $55,000,000 | $543,305,000 | 3,316,100 |
| 6900 South Crandon Apartments | Chicago | $16,836,000 | $46,975,331 | 130,890 |
| Covent Apartments | Chicago | $4,900,000 | $17,763,640 | 97,930 |
| Edwin Berry Manor Apartments | Chicago | $5,752,000 | $12,521,150 | 45,010 |
| Grace Manor Apartments | Chicago | $4,109,600 | $30,215,493 | 252,230 |
| Imani Village Senior Residences | Chicago | $2,171,000 | $27,085,749 | 247,830 |
| Island Terrace Apartments - A | Chicago | $5,327,000 | $25,205,460 | 95,300 |
| Island Terrace Apartments - B | Chicago | $17,152,000 | $71,932,325 | 272,550 |
| Morningside Court Apartments | Chicago | $28,700,000 | $56,425,536 | 105,240 |
| South Shore HHDC Apartments | Chicago | $17,536,400 | $44,053,288 | 140,900 |
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 March 31, 2024. Economic impact data is in 2023 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 |
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