Form 497 AFL CIO HOUSING INVESTME

 

Helping Build New York City—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 New York 

 

71  Projects	$1.8B HIT Investment Amount	$8M Building America NMTC Allocation	$4.4B Total Development Cost	43,062  Housing Units  Created or Preserved
24.2M Hours of Union Construction Work	26,220  Total Jobs Across  Industries	$2.2B Total Wages and Benefits	$311.4M State and Local Tax Revenue Generated	$4.8B  Total Economic Impact

 

 

PROJECT PROFILE:  BETANCES RESIDENCE   The HIT provided $52 million of financing for the new construction of the 152-unit, Betances Residence in the Bronx, creating an estimated 633,290 hours of union construction work.	PROJECT PROFILE:  18 SIXTH AVENUE AT PACIFIC PARK  The HIT provided $100 million of financing for the new construction of the 858-unit 18 Sixth Avenue at Pacific Park, in Brooklyn, creating an estimated 3,881,830 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, 2021. Economic impact data is in 2020 dollars and all other figures are nominal.

 

Helping Build New York—The Union Way

JUNE 2021

 

 

Elizabeth Seton		1490 Southern Boulevard		Joseph P. Addabbo Family Health Center (Building America)

 

 

“When building trades’ pension capital is used to finance 100% union built development in New York City, our pension funds get stronger. When the project also addresses the City’s massive need for affordable housing, it is a win-win.”  

—Gary LaBarbera, President 

     Building and Construction Trades Council of Greater New York

 

 

HIGHLIGHTS OF NEW YORK CITY INVESTMENTS 

Project	Location	HIT Investment/Building America NMTC Allocation	TDC	Construction  Work Hours
1490 Southern Boulevard	Bronx	$35,000,000	$59,120,711	456,530
Betances Senior Apartments	Bronx	$52,000,000	$98,000,000	633,290
18 Sixth Avenue at Pacific Park	Brooklyn	$100,000,000	$710,000,000	3,881,830
33 Bond Street (2017 Bonds)	Brooklyn	$20,000,000	$287,120,000	266,760
606 West 57th St. (2017 Bonds)	Manhattan	$20,000,000	$275,384,620	268,520
606 West 57th St. (2018 Bonds)	Manhattan	$30,000,000	$153,157,894	387,130
Penn South Cooperative (2017)	Manhattan	$55,000,000	$191,000,000	473,480
Joseph P. Addabbo Family Health Center	Queens	$8,000,000	$23,420,528	216,970
Elizabeth Seton Pediatric Center II	Yonkers	$18,300,000	$21,130,584	210,590

 

 

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, 2021. Economic impact data is in 2020 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.

 

1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | www.aflcio-hit.com

 

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