Circle Park – AFL-CIO HIT

Circle Park Chicago, IL

$M

HIT Investment
$M

Total Development Cost
Units of housing, with 100% affordable units
Hours of Union Construction Work Generated
$M

Tax revenue generated
$M

Total economic benefit

“The HIT’s investment in the rehabilitation of Circle Park will not only keep union members working in construction, but will also create the opportunity for community residents to join the Chicago Laborers’ apprenticeship program, giving them a career path for the future. Truly a win for all, because good union jobs and affordable housing are essential for the pandemic recovery and a better life for working families.” —James Connolly, Business Manager, Manager Chicago Laborers District Council

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust is helping to finance the $163.8 million substantial renovation of the Circle Park Apartments, located between the University of Illinois at Chicago and the Illinois Medical District.

HIT ROLE

The HIT provided $84.9 million in financing through the purchase of a AAA rated tax-exempt construction to permanent bond issued by the Illinois Housing Development Authority (IHDA). Circle Park is the HIT’s 54th project in Chicago, 106th in Illinois, and 20th with IHDA. Circle Park is part of the HIT’s $1 billion Midwest@Work Initiative.

SOCIAL IMPACT

In addition to the union jobs and other economic impacts shown below, the substantial rehabilitation at Circle Park will preserve 239 housing units for low-income residents, extend affordability restrictions making 179 previously market rate units available to tenants earning 80% of the Area Median Income and provide high quality housing for senior citizens.

*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 January 31, 2021. 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 and expenses carefully before investing. Investors may view the HIT’s current prospectus, which contains more complete information, on its website at www.aflcio-hit.com and may obtain a copy from the HIT by calling the Marketing and Investor Relations Department collect at 202-331-8055. Investors should read the current prospectus carefully before investing.