Residences @ 150 Bagley
Detroit, MI
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HIT Investment
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Total Development Cost
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Units of housing, with 20% 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 are proud to work with the HIT on this new project that will create good jobs for our members and affordable housing in a growing neighborhood in downtown Detroit. 150 Bagley will be a great example of how labor’s capital helps build a stronger community.”
—Patrick Devlin, Secretary Treasurer,
Michigan Building and Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $62.6 million substantial rehabilitation and adaptive-reuse of a vacant office building into a mixed-income/mixed-use housing development know as the Residences @ 150 Bagley.
HIT ROLE
The HIT will purchase $42.4 million in Ginnie Mae construction loan certificates and a permanent loan certificate from Gershman Investment Corporation to finance the project.
SOCIAL IMPACT
In addition to the union construction jobs, affordable housing and other impacts shown below, 150 Bagley will meet the National Green Building Standard, the industry benchmark for residential projects, and is eligible for Federal Historic Tax Credits.
*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 September 15, 2021. 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.