Ventana Residences
San Francisco, CA
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HIT Investment
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Total Development Cost
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Units of housing, with 25% 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 Bay Area faces an affordable housing crisis. The HIT’s mission of building affordable housing using union labor means addressing this social need while creating quality jobs, ensuring working families can afford to live in our community.
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—Rudy Gonzalez, Executive Director ,
San Francisco Labor Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $121.9 million new construction of the Ventana Residences, a Class A development featuring 193 mixed-income apartment units, of which 145 are market rate and 48 are workforce. The development also features a childcare facility. Ventana Residences is located in the Mission Terrace neighborhood of San Francisco.
HIT ROLE
As part of its recently announced $1 billion Bay Area Investment Initiative, the HIT is extending $52.0 million of an $80.0 million direct construction loan for Ventana Residences. In this Initiative, the HIT is prepared to invest $500 million in multifamily housing projects in the Bay Area over the next five years and expects to leverage an additional $500 million from other sources.
SOCIAL IMPACT
Ventana Residences is located in a Qualified Opportunity Zone. The site qualified for HomeSF, a bonus program that permits greater density in exchange for a higher percentage of Below Market-Rate (BMR) units. The BMR units will be rented to households earning between 55% and 110% of Area Median Income, making them affordable to essential workers in San Francisco and qualifying as workforce housing. The majority of housing in the area was built before 1940 and new construction has been very limited in the last decade, heightening the need for additional housing units.
*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 December 31, 2020. Economic impact data is in 2020 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.