| Helping Build Minnesota–The Union Way |
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 Minnesota
Since Inception in 1984
| 115 | $2.0B | $5.0M | $3.0B | 14,883 |
| Projects | HIT
Investment Amount |
Building
America NMTC Allocation |
Total
Development Cost |
Housing
Units Created or Preserved (49% affordable) |
| $6.9B | 27.2M | 34,150 | $2.8B | $275.2M |
| Total
Economic Impact |
Hours
of Union Construction Work |
Total
Jobs Across Industries |
Total
Wages and Benefits |
State
and Local Tax Revenue Generated |
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PROJECT PROFILE: LANDMARK TOWER
The HIT provided $18.7 million in funding for the $97.1 million substantial rehabilitation of an office building into the 187-unit Landmark Tower in St. Paul, creating an estimated 616,680 hours of union construction work. |
PROJECT PROFILE: ESTORIA COOPERATIVE OAK MARSH
The HIT provided $21.5 million in funding for the $44.7 million new construction of the 87-unit Estoria Cooperative Oak Marsh which will create an estimated 325,400 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, 2025. Economic impact data is in 2024 dollars and all other figures are nominal.
| Helping Build Minnesota –The Union Way | JUNE 2025 |
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| Labor Retreat Apartments–Minneapolis | One Southside–Minneapolis | Soul–St. Paul | ||
“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, President
Minnesota Building and Construction Trades Council
HIGHLIGHTS OF MINNESOTA INVESTMENTS
| Project | Location | HIT
Investment/Building America NMTC Allocation |
TDC | Construction Work Hours |
| Estoria Cooperative of Lakeville | Lakeville | $19,152,300 | $41,138,350 | 339,980 |
| The American Cooperative on Lake Phalen | Maplewood | $20,956,900 | $34,267,507 | 254,300 |
| The Midwell (Greenway Apartments) | Minneapolis | $12,327,300 | $26,847,568 | 176,070 |
| Labor Retreat Apartments | Minneapolis | $10,750,000 | $19,366,543 | 47,750 |
| One Southside | Minneapolis | $5,000,000 | $27,978,588 | 213,470 |
| Park Plaza / North Creek (Olson Court) | Minneapolis | $48,950,000 | $74,715,357 | 419,940 |
| Rise on 7 | St. Louis Park | $35,103,700 | $40,355,688 | 264,020 |
| Landmark Tower | St. Paul | $18,660,000 | $97,079,980 | 616,680 |
| Soul | St. Paul | $64,700,959 | $70,470,714 | 483,560 |
| Estoria Cooperative Oak Marsh | Oakdale | $21,464,400 | $44,694,970 | 325,400 |
The projects listed abovemay not reflect HIT’s current portfolio for any or all of the following reasons: (i) the assets related to the project(s) referenced on this graphic 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 graphic; and (iii) this graphic is not a complete list of all the projects financed by the HIT as of the date of this report. Building America CDE, Inc. is a portfolio investment of the HIT but, unless otherwise noted, its underlying projects are not held in the HIT’s portfolio.
Investors should consider the HIT’s investment objectives, risks, and charges and expenses carefully before investing. This and other information is contained in the HIT’s current prospectus. To obtain a current prospectus, call HIT Investor Relations at (202) 331-8055 or visit the HIT’s website at www.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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