Holy Infant and St. Joseph Apartments
St. Louis, MO
“We are proud that the HIT is using union pension dollars to put union members to work on projects that will improve the quality of life for some of our community’s neediest older residents.”
—Jeff Aboussie,
then Executive Secretary-Treasurer, St. Louis Building and Construction Trades Council
PROJECT DESCRIPTION
Holy Infant Apartments and St. Joseph Apartments are two residential developments for low-income seniors located in Shrewsbury, Missouri, just outside St. Louis. The project involved the substantial rehabilitation of 157 units of housing across the two properties.
HIT ROLE
To help finance the $13 million project, the HIT purchased $6.6 million of tax-exempt bonds issued by the Industrial Development Authority for St. Louis County and backed by Ginnie Mae securities in February 2012.
SOCIAL IMPACT
By refinancing existing debt on the two properties, the project is keeping the 157 housing units affordable for low-income seniors for an additional 20 years. Built more than 20 years ago under FHA’s Section 202 program, the apartments were in need of substantial rehabilitation to improve their livability, marketability, and to make them more energy efficient. The rehabilitation work financed by the HIT converted most of the existing efficiency apartments into one-bedroom units, renovated kitchens and bathrooms to make them more accessible, and expanded community spaces.
The work created an estimated 91 union construction jobs.*
*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.