Massachusetts Housing Initiative

The AFL-CIO Housing Investment Trust's Massachusetts Housing Initiative, established in 2007, helps Massachusetts address a serious shortfall of affordable housing. By providing financing for affordable housing developments that meet the HIT’s investment criteria, the HIT is helping put low- and moderate-income housing within reach of many of the state’s working families. The initiative focuses on housing needs not readily met by the capital markets.

The HIT surpassed its initial investment goal of $75 million within three years. Continuing with the initiative, the HIT has invested to date $436 million in projects that have total development costs of over $1 billion. These projects involve the construction or preservation of over 3,800 housing units, 95% of which are affordable to low-income families, including the major rehabilitation of some of Boston’s largest and most distressed public housing developments.

To find projects that meet its investment criteria, the HIT has built a strong network of relationships with developers, city officials, labor unions, mortgage bankers, and the state housing finance agency, MassHousing. MassHousing has partnered with the HIT on all of the initiative projects financed to date.

Work on these HIT-financed developments represents approximately 3,555 union construction jobs.


Photo Gallery of some of the HIT’s historical investments in Boston.

HIT Financing under the
Massachusetts Housing Initiative
Project Name
City
Total Units
Affordable Units
HIT Commitment
Total Development Cost
225 Centre Street
Boston
103
35
$9,915,000
$53,160,520
Back of the Hill
Boston
125
125
$4,000,000
$27,356,765
Blackstone Apartments
Boston
145
145
$42,804,660
$72,800,962
Casa Maria Apartments
Boston
85
85
$2,000,000
$21,749,710
Charlesview Apartments
Boston
240
240
$58,200,000
$152,000,000
Franklin Hill
Boston
24
24
$300,000
$12,491,787
Franklin Park Apartments
Boston
220
220
$25,672,000
$34,000,000
Franklin Square Apartments
Boston
193
193
$47,330,000
$75,462,270
Georgetowne Homes One
Boston
601
601
$70,392,000
$201,565,948
Georgetowne Homes Two
Boston
366
366
$45,456,000
$123,637,753
Hadley Building Apartments
Worcester
45
40
$1,120,000
$15,827,868
MassHousing Pooled Deals
Various Cities
250
250
$12,235,000
$12,235,000
MassHousing Pooled Deals
Various Cities
250
250
$15,000,000
$15,000,000
MassHousing Pooled Deals
Various Cities
570
570
$11,385,000
$43,616,638
Old Colony Redevelopment
Boston
116
116
$26,700,000
$56,844,708
Old Colony Phase 2A
Boston
45
45
$12,435,000
$22,211,272
Old Colony Phase 2B
Boston
84
84
$21,050,000
$39,236,796
Regency Tower
New Bedford
129
33
$16,420,000
$31,195,797
Squantum Gardens
Quincy
223
223
$755,000
$755,000
Washington Beech
Boston
56
56
$13,500,000
$25,517,516
Grand Total
3,870
3,701
$436,669,660
$1,036,666,310