53 Colton Street San Francisco, CA
  • $M

    HIT Investment

  • $M

    Total Development Cost

  • Units of housing, with 100% affordable units

  • Hours of Union Construction Work Generated

  • $.0M

    Tax revenue generated

  • $M

    Total economic benefit

“53 Colton provides 96 units of affordable supportive housing for individuals who have experienced homelessness. It’s a great project for the community and the city, and provides jobs for our building trades members who are out of work because of the pandemic.” —Larry Mazzola Jr., UA Local 38 Business Manager and President, San Francisco Building and Construction Trades Council

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $52.5 million construction of 53 Colton Street. Located in San Francisco’s South of Market neighborhood, 53 Colton Street will create 96 efficiency apartments and supportive services for previously homeless and extremely low-income residents.

HIT ROLE

As part of its recently-announced $1 Billion “Bay Area Investment Initiative”, the HIT will invest $19.1 million in the new construction of 53 Colton Street, seeking to generate a competitive return for investors while creating union construction jobs and affordable housing. In this Initiative, the HIT is prepared to invest $500 million in multifamily housing projects in the Bay Area over the next five years and expects to leverage an additional $500 million from other sources. 53 Colton will be the HIT’s twelfth project in San Francisco, marking over $350 million in multifamily project commitments to date since 1984.

SOCIAL IMPACT

53 Colton Street is designed to address acute homelessness in San Francisco: 35 units will be reserved for previously homeless residents of the adjacent Civic Center Hotel (an historic Single Room
occupancy facility included in the area redevelopment plan); and, 61 units will be assigned to extremely low-income tenants by the City and County of San Francisco’s Department of Homelessness and Supportive Housing.

*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 November 30, 2020. 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, 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.