Gateway Apartments
Chicago, IL
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HIT Investment
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Total Development Cost
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Units of housing, with 11% 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
“We appreciate HIT's commitment to and support of union construction at numerous projects that have put our members to work in the Chicago area for nearly 30 years and recognize the benefit this commitment has provided to the workers and the community.”
—Michael Macellaio, Secretary-Treasurer,
Chicago and Cook County Building Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $50.4 million development of Gateway Apartments, located in Chicago’s dynamic Illinois Medical District .
HIT ROLE
The HIT made a 36-month forward commitment to purchase a $43.5 million multifamily permanent loan participation certificate guaranteed by Freddie Mac to finance the project. Construction will be subject to the HIT’s 100% union labor requirement. Gateway Apartments is the HIT’s 56th project in Chicago and 108th in Illinois, and is part of the HIT’s $1 billion Midwest@Work Initiative.
SOCIAL IMPACT
In addition to creating the union construction jobs and economic benefits shown below, 17 units at Gateway Apartments will be available to tenants at rents from 12% to 33% below market rates for the first 10 years after construction is completed. Because of the project’s location in the IMD, the developer has also agreed to market units to essential union workers, including nurses, emergency medical technicians, healthcare workers, firefighters, etc.
*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, 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.