33 Bond Street – AFL-CIO HIT

33 Bond Street Brooklyn, NY

““The HIT is happy to join with TF Cornerstone, the New York State Housing Finance Agency, and M&T in financing this important development. By investing union and public pension capital, the HIT is helping to bring critically needed affordable housing, as well as union construction jobs to Brooklyn. It’s a win-win for the HIT’s investors and the community.”” —Eric W. Price, HIT Executive Vice President

PROJECT DESCRIPTION

33 Bond Street is the new construction of a mixed-income, mixed-use 25-story multifamily development located in Downtown Brooklyn. The project is being developed by TF Cornerstone. When complete, the residential component will offer 714 rental units (studios and one and two-bedroom apartments). Twenty percent, or 143 units, will be permanently affordable to low-income families. The project is anticipated to include a residents’ lounge and a fitness center, as well as parking for more 170 vehicles and over 56,000 square feet of retail space.

HIT ROLE

The HIT purchased $18.3 million of the total $35 million of tax-exempt, variable rate bonds issued by the New York State Housing Finance Agency
(NYSHFA) to finance the 143-unit affordable component of the project.This bond issue is the second of four expected tranches totaling $250 million for which M&T Bank is providing a letter of credit during the construction period. TF Cornerstone is the developer and construction manager for the project, which has a total development cost of $388 million.

SOCIAL IMPACT

33 Bond Street, an 80/20 mixed-income multifamily development, will provide much-needed affordable housing options to low-income families in Brooklyn. The 143 affordable units will be available to families making up to 60% of Area Median Income (AMI) – currently $54,360 for a family of four.

Work on the affordable component of the project is expected to generate approximately 166 family-supporting union construction jobs.

*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.