The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $18.4 million new construction of the Zvago Cooperative at Lake Superior development in Duluth, MN. The four-story project will create 51 new units of senior housing overlooking Lake Superior.
The HIT is purchasing $14.0 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Dougherty Mortgage LLC. The loan will be collateralized with a mortgage loan insured under Section 241 (a) of the National Housing Act.
This project will be the fourth Zvago Cooperative development in Minnesota and the third financed by HIT. There are several hospitals and medical clinics within close proximity to the development. Additionally there are also several hiking and biking trails in walking distance. The
cooperative units offered at Zvago provide seniors with affordable home ownership options.
*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 June 30, 2019. Economic impact data is in 2018 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.