1490 Southern Boulevard
Bronx, NY
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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
“This is an investment that reflects the HIT’s commitment to New York’s working families”
—Vincent Alvarez,
President, New York City Central Labor Council, AFL-CIO Housing Investment Trust Trustee
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $59.1 million new construction of the 1490 Southern Boulevard apartments in the Crotona Park East neighborhood of the Bronx. The ten-story development will provide 115 affordable senior housing units, in addition to a community garden and fitness center. 1490 Southern Boulevard will be managed by the Jewish Association Serving the Aging (JASA), which is the largest nonprofit manager of senior housing in New York City.
HIT ROLE
The HIT has purchased $35 million of tax-exempt, fixed-rate 2018 Series K bonds issued by the New York City Housing Development Corporation (HDC) to finance this project.
SOCIAL IMPACT
1490 Southern Boulevard will provide 115 units of sustainably built housing dedicated to low-income senior citizens and households with incomes at or below 60% of area median income. The development will serve the LGBT community in addition to the senior community; the LGBT Network’s first Bronx outpost will be located on the first floor of 1490 Southern Boulevard, and will provide services and resources to the Bronx’s LGBT community.
*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.