Pinzone Towers
Rocky River, OH
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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
“The HIT’s investment in the rehabilitation of Pinzone Towers is a home run for the building trades here in Cleveland. We built Pinzone almost forty years ago. This rehab will create more jobs for our union brothers and sisters and keep the
upgraded apartments affordable for working families.”
—Dave Wondolowski, Executive Director,
Cleveland Building & Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is providing approximately $6.6 million of the $12.6 million needed for the substantial rehabilitation of the Pinzone Towers Apartments project (“Pinzone”), located in the city of Rocky River, Ohio, a western suburb of Cleveland. Pinzone provides 100 units of affordable housing for seniors and is owned by an affiliate of the Cleveland Building and construction Trades Council, CBT Development Inc.
HIT ROLE
The HIT’s purchase of Ginnie Mae construction loan certificates and a permanent loan certificate will help finance the rehabilitation of this union-affiliated project, originally constructed in 1983. As part of its Midwest@Work Initiative, Ohio is a key market for the HIT. Pinzone is the Trust’s third recent investment in Ohio.
SOCIAL IMPACT
Pinzone’s rehabilitation will be performed by 100% union labor. Its affordability for seniors will be protected under a long-term Section 8 contract with the U.S. Department of Housing and Urban Development. This rehabilitation will result in safe and modern housing for seniors for years to come. Pinzone is in a walkable location, with easy access to retailers and other commercial activity.
*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 December 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, 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.