HIT Commits to New York City Project – Transforming Manhattan’s Chelsea Neighborhood

The AFL-CIO Housing Investment Trust (“HIT”) is helping to finance a mixed-income rental property located at 273 W. 22nd Street (“Project”) in Manhattan’s vibrant Chelsea neighborhood. The property is being developed by TF Cornerstone and will provide 278 units of housing, of which 25% will be set aside as affordable.

The Project is a single, through-block building with two towers joined by a central corridor and linked by a landscaped outdoor courtyard.

HIT purchased a $12.5 million participation interest as part of a syndicate of institutional lenders that are providing an aggregate $181 million construction loan for the development. This commitment represents the 81st project HIT has financed in New York City, all constructed using 100% union labor.*

*Includes projects receiving NMTC allocations by HIT subsidiary Building America CDE, Inc. Building America CDE, Inc. is a portfolio investment of the HIT but, unless otherwise noted, its underlying projects are not held in the HIT’s portfolio.

About the HIT: The HIT is a fixed-income, investment-grade mutual fund with $7.4 billion in net assets. For over 40 years, the HIT has been a leader in putting union and public pension capital to work to produce competitive returns and achieve mission-related collateral objectives. Investors should consider 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 by calling HIT Investor Relations at 202-331-8055. Investors should read the current prospectus carefully before investing.