American Cooperative of Anoka

American Cooperative of Anoka Anoka, MN

$M

HIT Investment
$M

Total Development Cost
Units of Housing
Hours of Union Construction Work Generated
$M

Tax revenue generated
$M

Total economic benefit

“The HIT’s investment in Anoka will create family-supporting jobs for our members. HIT continues to help with pandemic recovery by delivering high quality senior housing and high quality jobs in Minnesota.” —Dan McConnell, Business Manager, Minneapolis Building and Construction Trades Council

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $34.7 million new construction of The American Cooperative of Anoka (“American Cooperative”) located in Anoka, Minnesota. Overlooking the fairways of Green Haven Gold Course, the project will create 87 new units of housing for seniors 62+. Project amenities will include a fitness studio, do-it-yourself workshop, billiards room and lounge, spacious outdoor patio, community room, guest suite, and heated underground garage. In the units, residents will find modern finishes such as granite countertops and stainless-steel appliances. The American Cooperative also offers convenient access to dining, shopping, and recreational activities in downtown Anoka and at Green Haven Golf Course.

HIT ROLE

As part of its $1 billion Midwest@Work Initiative, the HIT is providing $20.9 million in financing through the purchase of Ginnie Mae construction loan certificates and a permanent loan certificate. Since 1991, the HIT has financed 100 projects in Minnesota and 71 projects in the Twin Cities, all built 100% with union construction labor.

SOCIAL IMPACT

In addition to generating the union jobs, tax revenue and other economic impacts shown above, American Cooperative will provide high quality housing for area seniors. Located close to downtown Anoka, the project is well served by public transportation.

*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 July 15, 2021. 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.