Total Development Cost
Units of housing, with 100% affordable units
Hours of Union Construction Work Generated
Tax revenue generated
Total economic benefit
Business Manager, U.A. Plumbers & Pipefitters Local #142
The AFL-CIO Housing Investment Trust is helping to finance the $63.2 million substantial rehabilitation of the Granada Senior Apartments (“Granada”), an affordable housing development located in San Antonio, Texas. Granada will provide 265 units of affordable housing to an underserved population. The renovation will include the modernization of existing units and conversion of unutilized commercial space to much needed additional residential units. The project’s nonprofit sponsor, the Granada Trades Council Housing, is an affiliate of the San Antonio Building and Construction Trades Council, which has owned, managed, and operated the property since 1968.
The HIT has committed $13 million in construction financing and $12 million in permanent financing to the transaction, with the option for an additional $12 million in permanent financing. Granada is the HIT’s third project in Texas. HIT Advisers LLC, an HIT subsidiary, served as development adviser to Granada Trades Council Housing.
In addition to creating the union construction work and other economic impacts outlined below, Granada’s 265 units will be restricted to seniors earning less than 80% of San Antonio Area Median Income, with 182 of the units benefitting from HUD rental voucher subsidies. The project’s location on San Antonio’s River Walk provides direct access to several transit options, meaning tenants will be able to move around the city without the need for a car.
*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 31, 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.