01/31/2025 | Press release | Distributed by Public on 01/31/2025 09:54
The AFL-CIO Housing Investment Trust builds on 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 Chicago Area
Since Inception in 1984
68 | $1.1B | $10.0M | $2.9B | 14,896 |
Projects |
HIT Investment Amount |
Building America NMTC Allocation |
Total Development |
Housing Units Created or Preserved (68% afforadable) |
25.0M | 28,672 | $2.4B | $264.8M | $5.5B |
Hours of Union Construction Work |
Total Jobs Across Industries |
Total Wages |
State and Local Tax Revenue Generated |
Total Economic Impact |
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. |
PROJECT PROFILE: WILLA RAWLS MANOR The HIT provided $23.8 million in financing for the $46.4 million substantial rehabilitation of the 123-unit all affordable project in Chicago. This project will create an estimated 73,410 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 December 31, 2024. Economic impact data is in 2023 dollars and all other figures are nominal.
Helping Build Chicago-The Union Way | DECEMBER 2024 |
Edwin Berry Manor Apartments | Grace Manor Apartments | Imani Village Senior Residences | ||
"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 over 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 |
South Shore HHDC Apartments | Chicago | $17,536,400 | $44,053,288 | 140,900 |
Willa Rawls Manor | Chicago | $23,770,000 | $46,375,332 | 73,410 |
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, 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 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.
1227 25th Street, NW| Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com |