Impact Investing
With a 40-year track record, the HIT has a successful history as a fixed income impact investor. The HIT is committed to putting union capital to work in investments that seek to generate competitive returns—its primary objective—while, at the same time, promote the creation of quality union construction jobs while building affordable and workforce housing.
The HIT’s investments also provide broader economic benefits that improve the lives of working people and their communities. This cycle of sustainable investment is reinforcing—strengthening pension plans, the livelihood of union members and the communities in which they live and work.
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NATIONWIDE ECONOMIC IMPACT OF INVESTMENTS
(1984-present)
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Projects
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hours of on-site union construction work created
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housing and healthcare units nationwide, with 67% affordable housing
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in tax revenues ($2.1 billion state/local and $4.5 billion federal)
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in personal income including wages and benefits, with $10.9 billion for construction workers
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in total economic benefits
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total jobs generated across communities
Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is current as of March 31, 2025. Economic impact data is in 2024 dollars and all other figures are nominal.
Impact Stories
Union Job Creation
Affordable Housing
Union Job Creation: 400 Lake Shore, Chicago, IL
About
400 Lake Shore is a 72-story, mixed-use property that will be home to 635 residential units, 127 of which will be set aside as affordable. Located at the intersection of the Chicago River and Lake Michigan, this transformative project totaling over a million residential gross square feet is designed to incorporate proportioned intervals that will present a rare opportunity to enjoy sweeping, 180-degree view of the adjacent lakefront, river and cityscape and give the tower its distinctive telescoping profile that identifies it as a new icon on the Chicago skyline. The design of 400 Lake Shore completes the eastern edge of the Chicago Riverwalk, connecting it to DuSable Park, a waterfront green space that is expected to become Chicago’s newest lakefront destination.
Impact
The project is expected to create 1,648 union construction jobs and generate more than 3 million hours of work. 400 Lake Shore also brings affordable housing to the lakefront with 20% of its units restricted to households at or below 50% of the area median income. The development will bring 4.5 acres of public green space, including DuSable Park and the completion of the Founder’s Way path on the Chicago Riverwalk. Moreover, the project was designed to meet multiple federal, state and local building sustainability requirements including a “Two Green Globes” certification. The facility was awarded a LEED Gold Certification.
Affordable Housing: Park Plaza / North Creek, Minneapolis, MN
About
This development involves the rehabilitation of Park Plaza and the new construction of North Creek. Park Plaza was originally constructed in 1964 and consists of three 6-story buildings containing 134 units. North Creek will be a 5-story building containing 119 units. The combined development represents the second phase of a broader Olson Neighborhood redevelopment campus plan in Minneapolis, MN.
The rehabilitation to Park Plaza involves improvements to individual units as well as the site and building exterior, including to ensure compliance with modern accessibility standards. Renovation work to the building's infrastructure includes roofing, windows, waste, vent and electrical modernization. The development’s location along Highway 55/Olson Memorial Highway approximately two miles west of the Central Business District of Minneapolis provides low-to-moderate-income households access to numerous community services and educational facilities in the immediate neighborhood.
Impact
All of the 253 units will be restricted to households ranging from 30% to 60% of the area median income. Ten units in North Creek will be restricted to high priority homeless individuals and include on-site supportive services. All residents will have access to supportive services that include eviction prevention, crisis mitigation, mental health, and workforce training.
Green Building
Preserving Labor Assets
Green Building: Mary Ellen McCormack, Boston, MA
About
Mary Ellen McCormack - Building A located in Boston, MA. Building A’s 94 units mark the first phase of a larger, multiphase redevelopment plan of a 31-acre site. This redevelopment is designed to transform the area into a sprawling mixed-use, mixed-income community. Owned by the Boston Housing Authority, Mary Ellen McCormack was originally built in 1938 and is one of the oldest and largest public housing developments in New England.
Impact
Building A is designed to be both Passive House and ENERGY STAR Multifamily New Construction certified, and to exceed the Executive Office of Housing and Livable Communities’ (EOHLC) Emphasis on Green, Sustainable, and Climate Resilient Design and Enhanced Accessibility standards. Building A will also seek LEED Gold certification. The all affordable development is located next to the 58-acre waterfront Moakley Park, with easy access to transit and a variety of nearby retail and hospitality services.
Once completed, all units in Building A will be subject to income restrictions with set-asides ranging from 30% to 80% of Area Median Income. Additionally, Building A’s many green features should translate to lower utility costs for residents and are intended to have a lower environmental impact.
Preserving Labor Assets: Carville Park Apartments, Reno, NV
About
Carville Park Apartments is located in Reno, NV. The existing complex was originally developed in 1979 by the Northern Nevada BCTC Dev. Corp (“NNDC”), a nonprofit affiliate of the Building and Construction Trades Council of Northern Nevada. For the past 45 years, NNDC has owned and operated this community, ensuring all units remained affordable with a preference towards seniors who qualify for HUD’s Section 8 project-based voucher program. The renovation of the community will significantly change the configuration of the units by converting the existing 52 dormitory style “quad-units” into 208 individual units. After construction is complete, Carville Park will offer 52 one bedroom and 156 studio apartments.
Impact
The project is designed to be 100% solar and to meet the Energy Star Multifamily New Construction National program requirements. Carville Park is the first development to be awarded funds from the Nevada State Infrastructure Bank’s Affordable Housing Revolving Account, which requires that the developer demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs, among other things.
All units at Carville Park will be reserved for individuals earning up to 50% of the area median income. In addition, all units will be Energy Star certified, with renovated units anticipated to consume at least 50% less energy for heating and cooling compared to traditional units.
Key Markets
Community Investment Initiatives
The HIT has taken a strategic approach to its investment sourcing, often identifying key markets where it intends to focus its investment sourcing activities and have a meaningful impact in particular communities. HIT’s initiatives seek to take advantage of its staff’s demonstrated ability to network with community-based housing groups, labor organizations, developers and sponsors, mortgage bankers, local government officials, and housing finance agencies to generate housing and community development.