The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $66.7 million new construction of the Longwood II Apartments development in Boston, MA. The six story project will create 115 new units of housing with 13% of those units affordable to families earning 70% or less of the Area Median Income under the City’s Inclusionary Zoning program. It is located in the Mission Hill area of the city near the Longwood Medical area.
The HIT is purchasing $51.9 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Walker & Dunlop, 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 second phase of a residential development located at the corner of Tremont Street and Saint Alphonsus Street in Boston. The project will contain a mix of studios, one-bedroom and two-bedroom units. The project will also contain community and common area space.
The project is HIT’s 32nd project in the City of Boston.
*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.