Heiwa Terrace Apartments Chicago, IL
  • $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

“It’s a win-win for us with a project like Heiwa Terrace. The HIT’s investment of labor’s capital keeps our members working and keeps senior citizens in high quality housing that they can afford and that has an important history. ” —Ralph Affrunti, President, Chicago & Cook County Building Construction Trades Council


The AFL-CIO Housing Investment Trust (“HIT”) is helping to finance the $68.4 million substantial rehabilitation of Heiwa Terrace Apartments , a senior affordable housing development located in Chicago’s Uptown neighborhood. The renovation will include repairs to the building’s exterior along with upgrades to building systems, kitchens, baths and common areas. Heiwa Terrace features 204 units, all of which are affordable, a Japanese garden and organized adult activities for residents. The project’s non-profit sponsor, the Japanese American Service Committee, was formed in 1946 to assist Japanese immigrants and their
American-born children coming to Chicago from World War II internment camps.


The HIT is providing $28.5 million through its purchase of Ginnie Mae construction loan certificates and a permanent loan certificate to finance this rehabilitation. Heiwa Terrace, the HIT’s 55th project in Chicago and 107th in Illinois, is part of the HIT’s $1 billion Midwest@Work Initiative.


All units at Heiwa Terrace will remain affordable to seniors earning between 40% – 80% of the Area Median Income (“AMI”), with over 90% reserved for residents earning between 40%-60% AMI. As detailed in the table below, the HIT’s investment is expected to generate over 396,700 hours of union construction work among other economic impacts. In addition, Heiwa Terrace has incorporated sustainability goals into the renovation: the upgraded roof, windows, insulation and appliances are all intended to reduce the building’s energy consumption.

*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 January 31, 2021. 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 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 from the HIT by calling the Marketing and Investor Relations Department collect at 202-331-8055. Investors should read the current prospectus carefully before investing.