Mark Twain SRO Apartments
Chicago, IL
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HIT Investment
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Total Development Cost
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Units of housing, with 95% affordable units
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Hours of Union Construction Work Generated
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Tax revenue generated
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Total economic benefit
“The HIT and its investors are making pension capital part of the solution to the economic crisis through sound, job-generating investments.”
—Richard Trumka,
President, AFL-CIO
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $39.9 million new construction of the Mark Twain SRO Apartments development in Chicago, IL. The six story project will rehabilitate 148 units of housing. 100% of the units will be affordable. It is located in the near North Side neighborhood, and it was originally built as a hotel in 1932.
HIT ROLE
The HIT is purchasing $27.3 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Bellwether LLC. The loan will be collateralized with a mortgage loan insured under Section 241 (a) of the National Housing Act.
SOCIAL IMPACT
This project will be a part of the surge in residential redevelopment located in the near North Side of Chicago between the Gold Coast and Old Town neighborhoods. With many train and subway stations in walking distance public transportation in this area is excellent. The project will contain solely studio apartments. The project will also include a green rooftop deck and a community room with cooking equipment.
*Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT project data. The data is current as of March 31, 2020. Economic impact data is in 2019 dollars and all other figures are nominal.
This page provides information about a project or projects financed by the HIT which may or may not be reflective of other financed projects or refer to an asset currently held in the HIT’s portfolio. Investors should consider the HIT’s investment objectives, risks, charges, and expenses carefully before investing. This and other information is contained in HIT’s prospectus, available at aflcio-hit.com or by calling 202-331-8055. The prospectus should be read carefully before investing.