| Helping Build New York City—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 the New York City Area
Since Inception in 1984
| 80 | $2.2B | $8.0M | $5.5B | 45,444 |
| Projects | HIT
Investment Amount |
Building
America NMTC Allocation |
Total
Development Cost |
Housing
Units Created or Preserved (91% affordable) |
| 27.0M | 30,188 | $3.2B | $426.6M | $6.7B |
| 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: ELIZABETH SETON YOUNG ADULT CENTER
The HIT provided $132.2 million in financing for the $137.4 million new construction of the 96-bed skilled nursing facility for medically fragile young adults (100% affordable) Elizabeth Seton Young Adult Center in White Plains, creating an estimated 752,990 hours of union construction work. |
PROJECT PROFILE: THE ELLERY (311 WEST 42ND STREET)
The HIT provided $50 million in financing for the $337.7 million new construction of the 330-unit (25% affordable) The Ellery in Manhattan, creating an estimated 1,995,680 hours of union construction work. |
continued
^ Includes purchase of securities for the preservation of affordable housing.
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 New York City—The Union Way | JUNE 2025 |
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| Hunter’s Point South Building A | Betances | 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 |
| Betances Residence | Bronx | $52,000,000 | $98,000,000 | 633,290 |
| 33 Bond Street (2017 Bonds) | Brooklyn | $20,000,000 | $287,120,000 | 266,760 |
| Brooklyn Crossing | Brooklyn | $100,000,000 | $710,000,000 | 3,881,830 |
| The Ellery (formerly 311 West 42nd Street) | Manhattan | $50,000,000 | $337,700,000 | 1,995,680 |
| 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 |
| Electchester Housing Companies | Queens | $49,000,000 | $49,000,000 | 351,899 |
| Hunter’s Point South Building A | Queens | $8,265,000 | $232,950,050 | 392,120 |
| Joseph P. Addabbo Family Health Center | Queens | $8,000,000 | $23,420,528 | 216,970 |
| Elizabeth Seton Young Adult Center | White Plains | $132,236,300 | $137,410,685 | 752,990 |
“The projects depicted in the table above may 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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