Cote Village – AFL-CIO HIT

Cote Village Boston, MA

$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 Cote Village project will bring economic opportunity to Mattapan. Projects like this evidence labor’s values at work collaborating with the community to ensure all Bostonians have access to quality jobs, and transit oriented affordable housing.” —Steve Tolman, President, Massachusetts AFL CIO

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is providing financing for the $49 million development of Cote Village located in Boston, MA. The project will be comprised of 76-units, of which 100 percent are designated affordable. The project will also benefit from 4% and 9% Low Income Housing Tax Credits.

HIT ROLE

The HIT joined the development team in its original submission for site control in 2014 and worked with them for 5 years structuring the project to make it a reality in 2019. The HIT committed $20.1 million to purchase direct construction and permanent mortgage investments from MassHousing. The HIT requires 100% union labor on all of the construction-related projects in which it invests.

SOCIAL IMPACT

Cote Village is the redevelopment of the former Cote Ford dealership in Mattapan into residential rental housing and will include outdoor community space, fitness center, on-site parking and resident amenities. This Transit-Oriented-Development is adjacent to the MBTA Fairmont Line commuter rail station and will act as a catalyst to encourage responsible development in the
predominantly Carribbean community.

The project will create 415,960 hours of union construction work and generate $97.9 million in total economic benefits.

The project is HIT’s 34th project in the City of Boston.

*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.