Greenway Apartments – AFL-CIO HIT

Greenway Apartments Minneapolis, MN

$M

HIT Investment
$M

Total Development Cost
Units of housing, with 100% affordable units
Hours of Union Construction Work Generated
$M

Tax revenue generated
$M

Total economic benefit

“Union workers are proud to be an important part of this extraordinary vision for taking a deteriorating and underutilized site and making it a place where families flourish and lives are transformed.” —Chelsie Glaubitz Gabiou, President, Minneapolis AFL-CIO

PROJECT DESCRIPTION

The AFL-CIO Housing Investment Trust is helping to finance the $26.8 million new construction of the Greenway Apartments (Greenway) in Minneapolis, MN. This development will turn a vacant lot, an underutilized storage center, and deteriorating rental housing into 86 modern and high-quality affordable housing units. Project amenities include a roof deck, conference and community rooms, and outdoor space filled with patio space, grills, and a playground. The project will feature a public promenade overlooking Midtown Greenway.

The project is centrally located near the Midtown Global Market, offering residents easy access to schools, Powderhorn Park and Abbott Northwestern Hospital. The site is also within three blocks of the Chicago-Lake Transit center which will allow residents to access the greater Minneapolis area.

HIT ROLE

As part of the Midwest@Work Initiative, the HIT is providing $12.3 million in financing through the purchase of taxable Ginnie Mae Construction Loan Certificates and a Permanent Loan Certificate issued and serviced by Colliers Mortgage. The HIT has financed 108 projects in Minnesota, including 78 in the Twin Cities, all built using 100% union labor.

SOCIAL IMPACT

In addition to creating the union construction jobs and economic benefits shown above, 100% of the units will be income restricted. Of the 86 units, 11 units will be restricted to High Priority Homeless – prioritizing individuals and families qualified for Permanent Supportive Housing, 14 units will be restricted to individuals and families earning 50% or less of the Twin Cities Metro’s Area Median Income (AMI), and 61 units will be restricted to individuals and families earning 60% or less of the Twin Cities Metro’s AMI.

*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 September 30, 2022. Economic impact data is in 2022 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.