Morningside Court Apartments
Chicago, IL
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HIT Investment
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Total Development Cost
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Units of housing, with 100% 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
“We are pleased to be partnering with HIT on another Chicago project. Morningside Court Apartments will generate good union jobs and deliver high quality affordable housing for senior citizens in the community as we recover from the pandemic.”
—Ralph Affrunti, President,
Chicago & Cook County Building and Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust is helping to finance the $56.4 million acquisition and substantial rehabilitation of the Morningside Court Apartments (“Morningside Court”) in Chicago. The 11-story midrise apartment features 171 units, all affordable. Morningside Courts, located in the heart of the Rogers Park Neighborhood, will undergo an extensive renovation to modernize the building and amenities, including energy efficient appliances and lighting.
HIT ROLE
The HIT is providing $27.6 million in financing primarily through the purchase of a AAA rated tax-exempt construction to permanent bond issued by the Illinois Housing Development Authority (IHDA) and backed by a loan insured under the HUD HFA Risk-Share program. Morningside Court, the HIT’s 58th project in Chicago and 109th in Illinois, is part of the HIT’s Midwest@Work Initiative.
SOCIAL IMPACT
In addition to creating the union construction jobs and economic benefits shown below, all 171 units at Morningside Court are covered by a Section 8 Housing Assistance Payment contract to subsidize rents for elderly residents at or below 60% of the Area Median Income. Residents will benefit from the project’s proximity to multiple modes of public transportation, including the Morse, Jarvis, and Loyola metro stations located within a mile of the building and three bus lines within half a mile.
*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 May 31, 2021. Economic impact data is in 2021 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.