Crest Apartments
Brooklyn Center, 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
“Minnesota unions are proud to partner with HIT to deliver another 100% affordable housing project in our state. The Crest will preserve existing and create new affordable housing units in a Minneapolis suburban community while delivering family supporting jobs for our members.”
—Chelsie Glaubitz Gabiou, President,
Minneapolis Regional Labor Federation, AFL-CIO
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $40.1 million tenant-in-place rehabilitation of an existing 122-unit affordable housing building, as well as the construction of a new all-affordable building. The new 5-story apartment building will contain 48 units and will connect with the existing 13-story building via an enclosed walkway. The development will offer a total 171 units of high-quality affordable apartments to the city of Brooklyn Center, a suburb in the Minneapolis-St. Paul metro area. Project amenities will include a new community room, fitness center, business center (learning center), on-site management and enclosed parking.
HIT ROLE
As part of its Midwest@Work Initiative, the HIT is providing a $13.3 million construction and bridge loan. Additionally, the HIT made a forward commitment to purchase a $11.7 million Fannie Mae mortgage security
backed by the permanent loan for the project.
SOCIAL IMPACT
In addition to creating the union construction work and other economic benefits outlined above, 100% of the units will include rent restrictions at or below 60% of Area Median Income. The building is projected to meet the certification standards for the Minnesota overlay of Green Communities and incorporate green design principals once rehab is complete.
*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, 2022. Economic impact data is in 2021 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.