Church + State (Project 29)
Cleveland, OH
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HIT Investment
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Total Development Cost
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Units of Housing
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Hours of Union Construction Work Generated
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Tax Revenue Generated
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Total Economic Benefit
“If we can also create jobs in the process for our members, that’s money coming back into the funds through contributions and work hours. So it’s a win-win.”
—Dan Pedrotty,
Director of Capital Strategies North America’s Building Trades Unions
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $54.8 million new construction of the Project 29 development in Cleveland, OH. The 11-story and 5-story project will create 158 new units of housing along with a parking garage both near the Cuyahoga River and the city’s main business district.
HIT ROLE
The HIT is purchasing $39.0 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Great Lakes Financial. The loan will be collateralized with a mortgage loan insured under Section 241 (a) of the National Housing Act.
SOCIAL IMPACT
Project 29 will be a market-rate apartment complex located in Hingetown area of Ohio City, one of the oldest neighborhoods in Cleveland. Located less than ½ a mile from the development is the West 25th Street Corridor, a popular entertainment area featuring numerous restaurants, bars, and shops. The project will contain a mix of studios, one, two, and three-bedroom units along with a fitness center and in-ground pool.
*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.