Zvago Cooperative at Stillwater
Stillwater, MN
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HIT Investment
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Total Development Cost
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Units of housing
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Hours of Union Construction Work Generated
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Tax revenue generated
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Total economic benefit
“We are very pleased to be working on another HIT project that shows that investing union pension dollars will create well-paying union construction jobs, while at the same time benefiting the community. We are proud to be building high quality housing for seniors in a great location.”
—Don Mullin, Executive Secretary,
Saint Paul Building and Construction Trades Council
PROJECT DESCRIPTION
The AFL-CIO Housing Investment Trust (HIT) is helping to finance the $22.4 million new construction of the Zvago Cooperative at Stillwater development, located thirty minutes from the Twin Cities.
HIT ROLE
The HIT is purchasing $15.8 million of Ginnie Mae construction loan certificates and a permanent loan certificate from Colliers Mortgage LLC, collateralized with a mortgage loan insured under Section 213 of the National Housing Act.
SOCIAL IMPACT
The cooperative units offered at Zvago will provide seniors with attractive and well-located home ownership options, with recreational opportunities within walking distance, and proximity to the St Croix riverfront.
*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 October 15, 2020. 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.