Northpoint Apartments
Chicago, IL
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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
“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 finance the $86.8 million substantial rehabilitation of the scattered site Northpoint Apartments in Chicago, Illinois.
HIT ROLE
The HIT provided $49.0 million in financing for Northpoint Apartments through the purchase of short term, tax-exempt cash collateralized bonds rated AAA issued by the Illinois Housing Development Authority during the renovation period and a Fannie Mae DUS mortgage-backed security financing the permanent mortgage loan.
SOCIAL IMPACT
Northpoint will be renovated using 100% union labor. All 304 units will be affordable to households earning less than 60% of area median income.
*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 August 31, 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 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.