Southern Hills/Orlando
Decatur, IL
-
HIT Investment
-
Total Development Cost
-
Units of housing, with 100% affordable units
-
Hours of Union Construction Work Generated
-
Tax revenue generated
-
Total economic benefit
“The Decatur Building Trades Council is proud to partner with HIT on the rehabilitation of the Southern Hills/Orlando project. It will preserve affordable housing in our community while delivering family supporting union jobs for our members.”
—Josh Sapp, Business Manager,
IBEW Local 146
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust is helping to finance the $40.9 million rehabilitation of the Southern Hills & Orlando apartment projects in Decatur, IL. This transaction will bring about a rehabilitation of two separate properties seeking to continue to be a haven of affordable housing for area residents while providing quality housing. The properties, located 3.5 miles apart, combine for a total of 212 units of affordable housing. Southern Hills, built in 1979, is comprised of 28 two-story buildings situated on 10 acres of land located in downtown Greendell. This property has a total of 125 units of 100% subsidized family housing. The Orlando is an 87-unit, seven-story apartment building that provides subsidized housing for senior and disabled individuals, located in the Decatur Central Business District.
HIT ROLE
The HIT is providing $21.8 million in financing through the purchase of a AAA rated tax-exempt construction to permanent bond issued by the Illinois Housing Development Authority (IHDA) and backed by a loan insured under the HUD HFA Risk-Share program. Southern Hills & Orlando, the HIT’s 111th project in Illinois, is part of the HIT’s Midwest@Work Initiative.
SOCIAL IMPACT
In addition to creating the union construction jobs and economic benefits shown above, the rehabilitation of these properties will preserve affordable housing subsidized by HUD’s Section 8 Program for residents at or below 60% of the Area Median Income. In addition, the Orlando will include 49 units of housing that service the needs of disabled individuals, including fixed, adaptable, and sensory impaired accessible units.
*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 April 30, 2022. Economic impact data is in 2021 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.