Zvago Cooperative at Lake Superior

Zvago Cooperative at Lake Superior Duluth, MN

$M

HIT Investment
$M

Total Development Cost
New Units of Housing
Hours of Union Construction Work Generated
$M

Tax Revenue Generated
$M

Total Economic Benefit

“The HIT is proud to be a part of this winning formula-union pension money creating union jobs and housing for the benefit of workers and their community.” —Ted Chandler, Managing Director/Regional Operations, AFL-CIO Housing Investment Trust

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $18.4 million new construction of the Zvago Cooperative at Lake Superior development in Duluth, MN. The four-story project will create 51 new units of senior housing overlooking Lake Superior.

HIT ROLE

The HIT is purchasing $14.0 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Dougherty Mortgage LLC. The loan will be collateralized with a mortgage loan insured under Section 241 (a) of the National Housing Act.

SOCIAL IMPACT

This project will be the fourth Zvago Cooperative development in Minnesota and the third financed by HIT. There are several hospitals and medical clinics within close proximity to the development. Additionally there are also several hiking and biking trails in walking distance. The
cooperative units offered at Zvago provide seniors with affordable home ownership options.

*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.