Morrow – AFL-CIO HIT

Morrow St. Paul, MN

$M

HIT Investment (including permanent loan)
$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 union community welcomes the HIT’s active investment in the Twin Cities. We know that with the HIT’s involvement, all the construction work will be done union. That means more family-supporting jobs for our members. We are proud that University and Fairview Apartments will provide high-quality union-built affordable housing for working families in St. Paul. ” —Don Mullin, Executive Secretary, Saint Paul Building and Construction Trades Council

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $68.5 million new construction of Morrow in St. Paul, Minnesota.

HIT ROLE

The HIT closed this $52.5 million direct construction and bridge loan and sold $15 million to a local participant, holding $37.5 million in its portfolio. The HIT also made a forward commitment to purchase a $41.6 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 shown below, 45% of the units at Morrow will be restricted to tenants earning less than half of AMI and the remainder to those earning under 80% of AMI. The project will use green construction practices and include many green features. It is expected to achieve national Green Communities certification and comply with local sustainable energy standards.

* Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. The data is current as of November 15, 2020. 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, 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.