42nd & Central
Columbia Heights, MN
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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 financing shows how the labor and resources of union workers are dedicated every day to creating more affordable housing and further economic development in Minnesota and the Midwest.”
—Dan McConnell, Business Manager,
Minneapolis Building and Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (“HIT”) is helping to finance the $21.9 million 42nd & Central (the Project), a 62-unit, 100% affordable multifamily development in Columbia Heights, MN, a suburb north of Minneapolis. Project amenities include a dedicated playground, fitness and community space, a dog run and resident storage lockers. The building will feature an elevator, on-site management and leasing offices, controlled entrances, ample parking, central air conditioning and in-unit washer/dryers.
HIT ROLE
As part of its Midwest@Work Initiative, the HIT is providing $10.6 million in financing to purchase taxable Ginnie Mae Construction Loan Certificates and a Permanent Loan Certificate. Since 1991, the HIT has financed 107 projects in Minnesota, including 77 in the Twin Cities, all built using 100% union construction labor.
SOCIAL IMPACT
In addition to important economic impacts detailed above, each of the Project’s 62 units will be restricted to households earning 60% or less of the Twin Cities Metro’s Area Median Income.
*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 June 30, 2022. Economic impact data is in 2022 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.