Montclare Sr. Residences of Englewood

Montclare Sr. Residences of Englewood Chicago, IL

$M

HIT Investment
$M

Total Development Cost
Units of housing
Hours of Union Construction Work Generated
$M

Tax Revenue Generated
$M

Total Economic Benefit

“Even in today’s turbulent economy, the HIT continues to meet its investment objectives while also creating jobs and affordable housing.” —Chang Suh, Chief Executive Officer, AFL-CIO Housing Investment Trust

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $25.4 million new construction of the Montclare Sr. Residences of Englewood development in Chicago, IL. The seven story project will create 102 new units of affordable Senior housing. It is located in the Englewood neighborhood on the West Side of Chicago.

HIT ROLE

The HIT is purchasing $2.3 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Love Funding Corporation. 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 the 4th Montclare project financed by the HIT. It will be located the West Side of Chicago in a primarily residential neighborhood. The project will consist primarily of one-bedroom, one-bathroom units with a bathroom. The project will also include an outdoor courtyard with patio, beauty salon, and reading room for its residents.

*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.